Wednesday, September 28, 2011

Nokia and Siemens Inject EUR 1 Billion into NSN

Nokia and Siemens are each putting EUR 500 million in new capital into their joint venture, Nokia Siemens Networks, will the aim of further strengthening the company's financial position and setting the stage for strategic flexibility, productivity and innovation in areas such as Mobile Broadband and related services.

In addition, Jesper Ovesen, 54, has been appointed Executive Chairman of the Board of Nokia Siemens Networks, effective immediately, replacing Olli-Pekka Kallasvuo. Previously, Ovesen held a number of senior management positions in leading European companies, most recently serving as CFO of Danish telecommunications group TDC during the company's restructuring process and Initial Public Offering. Jesper has also served as CEO at Kirkbi, CFO at Lego and CFO at Danske Bank. He has extensive experience in finance and M&A activities. Ovesen holds a Master of Science from Copenhagen Business School, and a PMD from Harvard Business School.

  • In July 2011, Nokia and Siemens completed a strategic review of their joint venture, Nokia Siemens Networks, and have decided against pursuing a private equity investment or sale. The company cited "good progress" in its turnaround plan, with first quarter 2011 results marking a third successive quarter of year-on-year reported net sales growth, as well as a fifth quarter of non-IFRS operating profits since it announced its change in strategy in November 2009.

  • In September 2009, Rajeev Suri was appointed CEO of Nokia Siemens Networks, succeeding Simon Beresford-Wylie.