Nokia CorporationStock Exchange Release May 5, 2020 at 8:00 (CET +1) Raghav Sahgal appointed President, Nokia Enterprise and a member of the Nokia Group Leadership Team as Kathrin Buvac prepares to leave Nokia to pursue a new opportunity Strong ...
Stock Exchange Release
May 5, 2020 at 8:00 (CET +1)
Raghav Sahgal appointed President, Nokia Enterprise and a member of the Nokia Group Leadership Team as Kathrin Buvac prepares to leave Nokia to pursue a new opportunity
- Strong succession designed to maintain momentum in fast-growing Enterprise business
- Buvac to step down from Nokia Group Leadership Team on May 31, Sahgal to join on June 1
Espoo, Finland – Nokia announced today that Kathrin Buvac, President of Nokia Enterprise, has decided to leave the company at the end of May to take a leadership position at a global technology company. At that time, she will also step down from her position on the company’s Group Leadership Team. Buvac will be succeeded by Raghav Sahgal, currently Senior Vice President of Nokia Software with responsibility for global sales and market services. Sahgal will formally assume his new position and join the Group Leadership Team on June 1, 2020.
“Nokia’s commitment to our fast-growing Enterprise business remains strong, and I am pleased that we have an excellent leader in Raghav Sahgal, who is ready to take on the position of President, Nokia Enterprise,” said Nokia President and Chief Executive Officer Rajeev Suri. “Raghav has a demonstrated record of success in his current role in Nokia Software. I look forward to him joining the Group Leadership Team and building on the strong momentum and fast growth we have in the enterprise segment.”
Sahgal joined Nokia in April 2017 from NICE Systems, where he served as President of the Asia Pacific and Middle East regions. Prior to NICE, Raghav held a number of executive and senior leadership positions with Oracle, Comverse, CSG, Kenan and Lucent. Sahgal holds a Bachelor of Science and Engineering degree in Computer Engineering from Tulane University and a Master of Science from the University of Maryland, USA. He also attended the General Management Program at Harvard Business school.
“Kathrin has been with Siemens, Nokia Siemens Networks and then Nokia for close to 20 years, and I both understand and support her desire to take on a new challenge,” said Suri. “Kathrin has held key leadership positions at Nokia, including Chief Strategy Officer, and has been at the heart of many of our transformational changes, including the turnaround of Nokia Siemens Networks and the acquisition of Alcatel-Lucent. In her most recent role as President of Nokia Enterprise, she led Nokia’s entry into a new customer segment focused on enterprise networks and industrial automation, delivering profitable, double-digit growth.”
For the full year 2019, the Nokia Enterprise had revenues of €1.4 billion, an increase of 18% in constant currency from 2018. Customers include Société du Grand Paris, Deutsche Bahn, SBB, Elektro, Florida Power & Light, UPMC, Lufthansa Technik, BMW, some of the world's largest webscale companies, and many others.
Additional background on all current members of the GLT can be found at https://www.nokia.com/en_int/investors/corporate-governance/group-leadership-team.
We create the technology to connect the world. Only Nokia offers a comprehensive portfolio of network equipment, software, services and licensing opportunities across the globe. With our commitment to innovation, driven by the award-winning Nokia Bell Labs, we are a leader in the development and deployment of 5G networks.
Our communications service provider customers support more than 6.4 billion subscriptions with our radio networks, and our enterprise customers have deployed over 1,300 industrial networks worldwide. Adhering to the highest ethical standards, we transform how people live, work and communicate. For our latest updates, please visit us online www.nokia.com and follow us on Twitter @nokia.
Tel. +358 (0) 10 448 4900
Katja Antila, Head of Media Relations
RISKS AND FORWARD-LOOKING STATEMENTS
It should be noted that Nokia and its businesses are exposed to various risks and uncertainties and certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia's current expectations and views of future developments and include statements regarding: A) expectations, plans or benefits related to our strategies, growth management and operational key performance indicators; B) expectations, plans or benefits related to future performance of our businesses and any expected future dividends including timing and qualitative and quantitative thresholds associated therewith; C) expectations and targets regarding financial performance, cash generation, results, the timing of receivables, operating expenses, taxes, currency exchange rates, hedging, cost savings, product cost reductions and competitiveness, as well as results of operations including targeted synergies, better commercial management and those results related to market share, prices, net sales, income and margins; D) expectations, plans or benefits related to changes in organizational and operational structure; E) expectations regarding competition within our market, market developments, general economic conditions and structural and legal change globally and in national and regional markets, such as China; F) our ability to integrate acquired businesses into our operations and achieve the targeted business plans and benefits, including targeted benefits, synergies, cost savings and efficiencies; G) expectations, plans or benefits related to any future collaboration or to business collaboration agreements or patent license agreements or arbitration awards, including income to be received under any collaboration or partnership, agreement or award; H) timing of the deliveries of our products and services, including our short term and longer term expectations around the rollout of 5G, investment requirements with such rollout, and our ability to capitalize on such rollout; as well as the overall readiness of the 5G ecosystem; I) expectations and targets regarding collaboration and partnering arrangements, joint ventures or the creation of joint ventures, and the related administrative, legal, regulatory and other conditions, as well as our expected customer reach; J) outcome of pending and threatened litigation, arbitration, disputes, regulatory proceedings or investigations by authorities; K) expectations regarding restructurings, investments, capital structure optimization efforts, uses of proceeds from transactions, acquisitions and divestments and our ability to achieve the financial and operational targets set in connection with any such restructurings, investments, capital structure optimization efforts, divestments and acquisitions, including our current cost savings program; L) expectations, plans or benefits related to future capital expenditures, reduction of support function costs, temporary incremental expenditures or other R&D expenditures to develop or rollout software and other new products, including 5G and increased digitalization; M) expectations regarding our customers' future capital expenditure constraints and our ability to satisfy customer concerns; and N) statements preceded by or including “believe”, “expect”, “expectations”, “consistent”, “deliver”, “maintain”, “strengthen”, “target”, “estimate”, “plan”, “intend”, “assumption”, “focus”, “continue”, “should", "will” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences include, but are not limited to: 1) our strategy is subject to various risks and uncertainties and we may be unable to successfully implement our strategic plans, sustain or improve the operational and financial performance of our business groups, correctly identify or successfully pursue business opportunities or otherwise grow our business; 2) general economic and market conditions, general public health conditions (including its impact on our supply chains) and other developments in the economies where we operate, including the timeline for the deployment of 5G and our ability to successfully capitalize on that deployment ; 3) competition and our ability to effectively and profitably invest in existing and new high-quality products, services, upgrades and technologies and bring them to market in a timely manner; 4) our dependence on the development of the industries in which we operate, including the cyclicality and variability of the information technology and telecommunications industries and our own R&D capabilities and investments; 5) our dependence on a limited number of customers and large multi-year agreements, as well as external events impacting our customers including mergers and acquisitions; 6) our ability to maintain our existing sources of intellectual property-related revenue through our intellectual property, including through licensing, establishing new sources of revenue and protecting our intellectual property from infringement; 7) our ability to manage and improve our financial and operating performance, cost savings, competitiveness and synergies generally, expectations and timing around our ability to recognize any net sales and our ability to implement changes to our organizational and operational structure efficiently; 8) our global business and exposure to regulatory, political or other developments in various countries or regions, including emerging markets and the associated risks in relation to tax matters and exchange controls, among others; 9) our ability to achieve the anticipated benefits, synergies, cost savings and efficiencies of acquisitions; 10) exchange rate fluctuations, as well as hedging activities; 11) our ability to successfully realize the expectations, plans or benefits related to any future collaboration or business collaboration agreements and patent license agreements or arbitration awards, including income to be received under any collaboration, partnership, agreement or arbitration award; 12) Nokia Technologies' ability to protect its IPR and to maintain and establish new sources of patent, brand and technology licensing income and IPR-related revenues, particularly in the smartphone market, which may not materialize as planned, 13) our dependence on IPR technologies, including those that we have developed and those that are licensed to us, and the risk of associated IPR-related legal claims, licensing costs and restrictions on use; 14) our exposure to direct and indirect regulation, including economic or trade policies, and the reliability of our governance, internal controls and compliance processes to prevent regulatory penalties in our business or in our joint ventures; 15) our reliance on third-party solutions for data storage and service distribution, which expose us to risks relating to security, regulation and cybersecurity breaches; 16) inefficiencies, breaches, malfunctions or disruptions of information technology systems, or our customers’ security concerns; 17) our exposure to various legal frameworks regulating corruption, fraud, trade policies, and other risk areas, and the possibility of proceedings or investigations that result in fines, penalties or sanctions; 18) adverse developments with respect to customer financing or extended payment terms we provide to customers; 19) the potential complex tax issues, tax disputes and tax obligations we may face in various jurisdictions, including the risk of obligations to pay additional taxes; 20) our actual or anticipated performance, among other factors, which could reduce our ability to utilize deferred tax assets; 21) our ability to retain, motivate, develop and recruit appropriately skilled employees; 22) disruptions to our manufacturing, service creation, delivery, logistics and supply chain processes, and the risks related to our geographically-concentrated production sites; 23) the impact of litigation, arbitration, agreement-related disputes or product liability allegations associated with our business; 24) our ability to re-establish investment grade rating or maintain our credit ratings; 25) our ability to achieve targeted benefits from, or successfully implement planned transactions, as well as the liabilities related thereto; 26) our involvement in joint ventures and jointly-managed companies; 27) the carrying amount of our goodwill may not be recoverable; 28) uncertainty related to the amount of dividends and equity return we are able to distribute to shareholders for each financial period; 29) pension costs, employee fund-related costs, and healthcare costs; 30) our ability to successfully complete and capitalize on our order backlogs and continue converting our sales pipeline into net sales; 31) risks related to undersea infrastructure; and 32) the impact of the COVID-19 virus on the global economy and financial markets as well as our customers, supply chain, product development, service delivery, other operations and our financial, tax, pension and other assets, as well as the risk factors specified in our 2019 annual report on Form 20-F published on March 5, 2020 under "Operating and financial review and prospects-Risk factors" as supplemented by the form 6-K published on April 30, 2020 under the header “Risk Factors” and in our other filings or documents furnished with the U.S. Securities and Exchange Commission. Other unknown or unpredictable factors or underlying assumptions subsequently proven to be incorrect could cause actual results to differ materially from those in the forward-looking statements. We do not undertake any obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
Source(s) : Nokia Oyj
Pekka Lundmark appointed President and CEO of Nokia; Rajeev Suri to step down after more than a decade as President and CEO of Nokia and Nokia Siemens NetworksNokia Corporation Inside information March 2, 2020 at 8:15 (CET +1) Pekka Lundmark appointed President and CEO of Nokia; Rajeev Suri to step down after more than a decade as President and CEO of Nokia and Nokia Siemens Networks Espoo, ...
Sandra Motley, President of Fixed Networks and Tommi Uitto, President of Mobile Networks appointed to Nokia Group Leadership TeamNokia Corporation Stock Exchange Release January 31, 2019 at 08:00 (CET +1) Sandra Motley, President of Fixed Networks and Tommi Uitto, President of Mobile Networks appointed to Nokia Group Leadership Team Tommi Uitto was appointed as ...