Nokia veteran Sari Baldauf takes over as 5G battle rages

- Advertisement -
Nokia veteran Sari Baldauf takes over as 5G battle rages
FILE PHOTO: Visitors gather outside the Nokia booth at the Mobile World Congress in Barcelona
- Advertisement -
- Advertisement -
- Advertisement -

Sari Baldauf took over as chairwoman of telecoms equipment maker Nokia on Wednesday, succeeding Risto Siilasmaa who chaired the Finnish firm for eight years.

Baldauf, one of the most high-profile female executives in the global telecoms industry, faces a tough task to fight back in the 5G race, as rivals Ericsson and Huawei put pressure on its sales and cash reserves.

Nokia, which axed its dividend after a profit warning last October, has been trying to tackle costs and shipment delays.

In a video address to shareholders for the company’s annual general meeting, Siilasmaa applauded Baldauf’s “wealth of experience” and gave assurances that she would focus on improving financial results.

Outgoing Chief Executive Rajeev Suri, who will hand over to Pekka Lundmark in September, said the company will emerge from the coronavirus crisis stronger than before, and had a strengthened supply chain with 25 factories around the globe.

Nokia has been hampered by delays in its system-on-chip (SoC) development – an entire computer system on a single chip which allows the company to cut costs.

Suri said the integration of former French-American rival Alcatel-Lucent, which Nokia acquired for 15.6 billion euros ($17.17 billion) in 2016, had not been easy but was now complete, both operationally and culturally.

“At the same time, the 5G market timeline accelerated…we had to accelerate our development efforts and this did not happen without challenges,” Suri said.

Baldauf, 64, rejoined the Nokia board in 2018, having already been a member between 1994 and 2005.

She is the last remaining executive from former chairman and CEO Jorma Ollila’s team, which in the late 1990s turned a Finnish company with a tiny tech unit into the world’s biggest cellphone maker.

This article was originally published on finance.yahoo.com/news/.

Home of Science
Follow me

- Advertisement -

Discover

Sponsor

Latest

US payrolls plunge 701,000 in March amid the start of a job market collapse

KEY POINTS Nonfarm payrolls in March fell by 701,000 and the unemployment rate rose to 4.4%. The numbers just begin to capture the beginning...

Billie Eilish and Jennifer Lopez – How They Are Similar

What is interesting about Billie Eilish's is the fact that she could be the next Jennifer Lopez. The case of these two superstars is...

The Benefits of Purchasing Sabre Parts From the Sabre Corporation

The Sabre Corporation has a wide variety of products and services. It designs and manufactures aircraft wings, fuselages, blades, and wheel hub bearings. All...

Priyank Chopra’s Success in Life

If you are wondering what makes Priyank Chopra one of the most famous and respected doctors in the world, then you have not given...

Possible Fed move to cap yield rise could further weaken U.S. dollar

The U.S. dollar would probably come under further pressure if the Federal Reserve adopts targets for U.S. Treasury yields that would limit their rise...
Home of Science
Follow me