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Nokia 'sharpens strategy' by dropping three executives, laying off 10,000 and dumping Vertu
Nokia is still trying to turn things around after a slew of losses, and has made some tough decisions about how to move forward by announcing it will reduce staff by up to 10,000 people before the end of 2013. That's all part of a plan to close factories in Finland, Germany and Canada. as well as refocusing its marketing efforts, streamlining support staff and reducing "non-core" assets. Also on the outs are three executives including chief marketing officer Jerri Devard, executive VP of mobile phones Mary McDowell and executive VP of markets Niklas Savander who will step down from the company's Leadership Team effective June 30th. Replacing them July 1st are executive VP of mobile phones Timo Toikkanen, executive VP of sales and marketing Chris Weber and senior VP of communications Susan Sheehan. Additionally, it has sold the luxury brand Vertu to private equity group EQT VI in a deal that is expected to close during the second half of the year leaving just 10 percent of it in Nokia's hands. That's not the end of the bad news either, as Nokia will take a charge of 1 billion Euros ($1.3 billion) by the end of 2013 as a result of the restructuring and its efforts to return to profitability. Investments going forward including buying imaging company Scalado, extending its mapping technology to "multiple industries" and pushing more Series 40 and Series 30 devices. Check the press releases after the break for all the numbers and details currently available before it reports Q2 earnings July 19th, and we also may be able to glean more info from a call scheduled for 8AM ET.
Nokia head of sales resigns, department aims to reduce 'layers of management'
Colin Giles, Nokia's executive vice president of sales, has announced that he's stepping down. It follows the company's dour financial results for Q1 and will lead to a restructuring of the company's sales organization, aiming to strip layers from what's currently in place. Giles has been with Nokia since 1992 and was heavily involved in the company's movements in China and the larger Asia market. However, he had only been involved in Nokia's Leadership Team for just under a year. He will stay with the team until June 30 and cites a desire to be closer to his family following his departure. Announced through Nokia's official channels, the process aims to "ensure greater customer focus" -- we suppose that will involve more than just white polycarbonate.
