Nokia to Eliminate Chief Operating Officer Post

Date : 11/25/2019 @ 5:18PM
Source : Dow Jones News
Stock : Nokia Corp (NOK)
Quote : 3.965  -0.055 (-1.37%) @ 3:28PM

Nokia to Eliminate Chief Operating Officer Post

Nokia (NYSE:NOK)
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By Colin Kellaher

 

Nokia Corp. (NOK) on Monday said it is eliminating the role of chief operating officer and distributing the duties among other members of its leadership team.

The Espoo, Finland, telecom-equipment maker said Joerg Erlemeier, who currently serves as chief operating officer, is stepping down and will leave the company on Jan. 1.

Mr. Erlemeier, who joined Nokia in 1994, was named chief operating officer in 2017.

Nokia late last month cut profit guidance for this year and next, and halted its dividend to cover the growing costs of rolling out equipment for 5G mobile networks.

"While the company is in the midst of a transition, I leave firm in my belief that the right plan is in place to improve future performance," Mr. Erlemeier said.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

November 25, 2019 12:03 ET (17:03 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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