Cellphone maker Nokia (NOK) this week underwent yet another management change – the second in seven months – as it tries to hold on to its No. 1 position with rivals like Apple Inc. (AAPL) creeping ever-closer.
Anssi Vanjoki, head of the sales unit, will lead a new division made up of the smartphones and services operations; Mary McDowell will succeed the retiring Rick Simonson as chief of the mobile phones group.
One analyst told Reuters that Nokia investors should be worried about the recurring shakeups. Last October, Nokia outsourced its HR, marketing and R&D to various third parties. This time, the Finland-based handset manufacturer is trying to shore up floundering profits as it works to develop an iPhone challenger. Nokia CEO Olli-Pekka Kallasvuo said in a prepared statement the new structure should work.
“We are decisively moving to respond faster to growth opportunities we expect in smartphones and mobile computers,” he said. “Nokia’s new organizational structure is designed to speed up execution and accelerate innovation, both short-term and longer-term.”
Investors remained wary, however. Shares of Nokia were poised to close down by a little more than 2 percent on Tuesday; by 3:40 p.m. Eastern, the company’s stock was worth $10.98 per share.
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October 16 2019 @ 18:12:06 UTC