Published September 29, 2011
Nokia Corporation
Stock exchange release
September 29, 2011 at 10.05 (CET +1)
Espoo, Finland and Munich, Germany - Nokia and Siemens today announced the appointment of Jesper Ovesen as Executive Chairman of the Board of Nokia Siemens Networks, effective today.
As Executive Chairman, Ovesen assumes a full-time role with a special emphasis on overseeing the strategic direction of Nokia Siemens Networks as it seeks to strengthen its position as a leader in the industry and become a more independent entity. He will work closely with Nokia Siemens Networks CEO Rajeev Suri and his management team in that capacity.
Ovesen, 54, has held a number of senior management positions in leading European companies, including serving most recently as CFO at Danish telecommunications group TDC during the company's restructuring process and Initial Public Offering.
"We are delighted to welcome Jesper to his new role," said Nokia CEO Stephen Elop and Siemens CFO Joe Kaeser. "With a strong track record in change management, Jesper is an excellent addition to the Nokia Siemens Networks team. As Executive Chairman, he will also be responsible for strategy oversight as Nokia Siemens Networks transitions towards a strong standalone entity."
Commenting on his appointment, Jesper Ovesen said: "I am delighted to be joining the Nokia Siemens Networks team. Nokia Siemens Networks is an innovation leader in the industry and I look forward to supporting the company as it forges ahead in its path to sustainable long-term leadership and profitability."
Olli-Pekka Kallasvuo, who has served as Non-Executive Chairman, has elected to step down from his position as serving in a full time capacity was not possible. "We would both like to extend our sincere thanks to Olli-Pekka for his contribution and dedication to Nokia Siemens Networks," said Nokia CEO Stephen Elop and Siemens CFO Joe Kaeser.
Nokia and Siemens to provide capital of EUR 1.0 billion
Nokia and Siemens today also announced that they are each providing capital of EUR 500 million to Nokia Siemens Networks to further strengthen the company's financial position and set the stage for strategic flexibility, productivity and innovation in areas such as Mobile Broadband and related services.
Jesper Ovesen's biography will soon be made available at: http://www.nokiasiemensnetworks.com/about-us/company/board-of-directors
About Nokia
Nokia is committed to connecting people to what matters to them by combining advanced mobile technology with personalized services. More than 1.3 billion people connect to one another with a Nokia, from our most affordable voice-optimized mobile phones to advanced Internet-connected smartphones sold in virtually every market in the world. Through our services, people also enjoy access to maps and navigation on mobile, a rapidly expanding applications store, a growing catalog of digital music, and more. Nokia's NAVTEQ is a leader in comprehensive digital mapping and navigation services, and Nokia Siemens Networks is one of the leading providers of telecommunications infrastructure hardware, software and professional services globally.
About Siemens
Siemens AG (Berlin and Munich) is a global powerhouse in electronics and electrical engineering, operating in the industry, energy and healthcare sectors. For over 160 years, Siemens has stood for technological excellence, innovation, quality, reliability and internationality. The company is the world's largest provider of environmental technologies. More than one-third of its total revenue stems from green products and solutions. In fiscal 2010, which ended on September 30, 2010, revenue from continuing operations (excluding Osram and Siemens IT Solutions and Services) totaled €69 billion and net income from continuing operations €4.3 billion. At the end of September 2010, Siemens had around 336,000 employees worldwide on the basis of continuing operations. Further information is available on the Internet at: http://www.siemens.com.
About Nokia Siemens Networks
Nokia Siemens Networks is a leading global enabler of telecommunications services. With its focus on innovation and sustainability, the company provides a complete portfolio of mobile, fixed and converged network technology, as well as professional services including consultancy and systems integration, deployment, maintenance and managed services. It is one of the largest telecommunications hardware, software and professional services companies in the world. Operating in 150 countries, its headquarters are in Espoo, Finland.
www.nokiasiemensnetworks.com
