After Microsoft successfully purchased its handset business, Nokia announced Rajeev Suri as the company's new Chief Executive Officer. Suri is a 46-year old electronics and telecom engineer who has been on top of Nokia's mobile network unit since 2009. In the past, he accomplished a successful turnaround of Nokia's Solutions and Networks division which was left in shambles after merging with Siemens's network unit back in 2006.
Rajeev Suri commented: "With our three strong businesses - Networks, HERE and Technologies - and position as one of the world's largest software companies, we are well placed to meet our goal to be a leader in the technologies for a world where everybody and everything is connected." The CEO also elaborated on the company's three-part strategy for growth. Nokia's Networks business, which serves most of the world's largest 100 operators, will invest in new products and services. The company's HERE arm will target technology for connected cars, cloud services for personal mobility, wearables and special purpose devices, and location-based analytics. Finally, Nokia's Technologies business will focus on licensing and exploring "breakthrough innovations".
At present, Nokia will embark on an approximately $6.9 billion (5 billion EUR) capital structure optimization program, which involves paying off dividends to shareholders, repurchasing shares, reducing debt, and other financial efforts.