BusinessCompany NewsNokia rings in CFO change

Nokia rings in CFO change

Global head of sales Timo Ihamuotila to take over from current CFO Rick Simonson on 1 November

Phone giant Nokia is replacing its chief financial officer a day after
announcing a “worse-than-expected” net loss for their third-quarter results.

Timo Ihamuotila, currently global head of sales, will take over from current
CFO Rick Simonson, who is leaving the role on November 1 to head up strategic
sourcing for the organisation’s devices unit.

A spokeswoman for Nokia confirmed the “job rotation” was taking place. Both
Simonson and Ihamuotila will remain on the executive board, the
Wall
Street Journal
reported.

CEO Olli-Pekka Kallasvuo said: “Rick Simonson’s deep knowledge of the
business and its financials will be valuable for the significant part mobile
phones plays in Nokia’s business.”

The personnel changes were announced the day after Nokia reported its first
quarterly loss since 1998 and a significant fall in the market share for Nokia
smartphones.

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