Nokia Corporation Sari Baldauf To Succeed Risto Siilasmaa As Nokia Board Chair At Nokia's Annual General Meeting 2020

Date : 12/03/2019 @ 1:44PM
Source : Dow Jones News
Stock : Nokia Corp (NOK)
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Nokia Corporation Sari Baldauf To Succeed Risto Siilasmaa As Nokia Board Chair At Nokia's Annual General Meeting 2020

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TIDMNOKIA 
 
   Nokia Corporation 
 
   Stock Exchange Release 
 
   December 3, 2019 at 15:12 (CET +1) 
 
   Sari Baldauf to succeed Risto Siilasmaa as Nokia Board Chair at Nokia's 
Annual General Meeting 2020 
 
 
   -- Risto Siilasmaa will step down from the Nokia Board of Directors after 
      serving 12 years as a Director and the last eight years as the Chair at 
      Nokia's Annual General Meeting, planned to be held on April 8, 2020. 
 
   -- Following a nearly one-year succession planning process, the Board's 
      Corporate Governance & Nomination Committee proposes the Vice Chair, Sari 
      Baldauf, to be the new Chair of the Nokia Board, subject to her 
      re-election to the Board by the Annual General Meeting. 
 
 
   Espoo, Finland -- Nokia announced today that its Board Chair, Risto 
Siilasmaa, has informed the Board that he will not stand for re-election 
to the Board of Directors at the Nokia Annual General Meeting in 2020. 
Siilasmaa joined the Nokia Board in 2008 and was appointed as Board 
Chair in 2012. He also served as interim CEO of Nokia from 2013 to 2014. 
 
 
   "During my time as Board Chair, we have repositioned Nokia as a 
world-leading network technology business, with a strong basis for the 
future," said Risto Siilasmaa. "This has included some fundamental 
strategic steps, including the sale of the Nokia mobile devices business 
to Microsoft, taking full ownership of the NSN telecom infrastructure 
business, and the acquisition of Alcatel-Lucent. This transformational 
journey has not been easy, and I would like to thank everyone at Nokia 
for their determination and dedication." 
 
   "We are in the midst of another transition now, with the historic move 
to 5G," continued Siilasmaa. "While we know that Nokia is facing some 
short-term challenges as the technology matures, I am confident that we 
have the right actions underway to address those issues. Many parts of 
Nokia are performing well, and we are delivering on our strategy to 
diversify into enterprise markets and build our software business." 
 
   The Corporate Governance & Nomination Committee has conducted a rigorous 
succession planning process for almost a year and, in alignment with the 
full Board, proposes Board Vice Chair Sari Baldauf as the new Chair and 
Board member Kari Stadigh as the Vice Chair as of the Annual General 
Meeting 2020, subject to their re-election to the Board. 
 
   Baldauf joined the Nokia Board as a non-executive director in 2018. In 
addition, she is a member of the Supervisory Board & Nomination 
Committee of Daimler AG and the Board of Directors of Aalto University. 
Baldauf was the Executive Vice President and General Manager of Nokia's 
Networks business group from 1998 to 2005 and, prior to that, held 
various executive positions at Nokia in Finland and the United States. 
Until 2018, Baldauf was the Board Chair of Fortum Corporation and a 
member of the Supervisory Board of Deutsche Telekom. 
 
   "I am honored by the nomination to serve Nokia and its shareholders as 
the Chair of the Board of Directors," said Sari Baldauf, Nokia Board 
Vice Chair. "Risto and I have worked closely together since I was named 
Vice Chair in May. I see a clear opportunity to help create long-term 
shareholder value and look forward to continuing to work closely with 
the Board and with Nokia CEO Rajeev Suri. Rajeev and his team are 
working hard to address both the short-term issues and strengthen 
Nokia's longer-term value drivers." 
 
   "Risto has been an excellent partner during a time of significant change 
at Nokia," said Rajeev Suri, the President and CEO of Nokia. "On behalf 
of all the employees of Nokia, I thank him for all his hard work and 
support. I look forward to working with Sari as the new Chair of the 
Nokia Board." 
 
   Nokia plans to publish the notice of the AGM 2020 and the complete 
proposals by the Board after the publication of its fourth-quarter and 
full-year 2019 results. Nokia's AGM is planned to be held on April 8, 
2020. 
 
   About Nokia 
 
   We create the technology to connect the world. We develop and deliver 
the industry's only end-to-end portfolio of network equipment, software, 
services and licensing that is available globally. Our customers include 
communications service providers whose combined networks support 6.1 
billion subscriptions, as well as enterprises in the private and public 
sector that use our network portfolio to increase productivity and 
enrich lives. 
 
   Through our research teams, including the world-renowned Nokia Bell Labs, 
we are leading the world to adopt end-to-end 5G networks that are faster, 
more secure and capable of revolutionizing lives, economies and 
societies. Nokia adheres to the highest ethical business standards as we 
create technology with social purpose, quality and integrity. 
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www.nokia.com 
 
   Media Inquiries 
 
   Nokia 
 
   Communications 
 
   Tel. +358 (0) 10 448 4900 
 
   Email: press.services@nokia.com 
 
   Katja Antila, Head of Media Relations 
 
   FORWARD-LOOKING STATEMENTS 
 
   It should be noted that Nokia and its businesses are exposed to various 
risks and uncertainties and certain statements herein that are not 
historical facts are forward-looking statements. These forward-looking 
statements reflect Nokia's current expectations and views of future 
developments and include statements regarding: A) expectations, plans or 
benefits related to our strategies and growth management; B) 
expectations, plans or benefits related to future performance of our 
businesses and any expected future dividends; C) expectations and 
targets, and any mathematical analysis derived from such expectations 
and targets, regarding financial performance, results, the timing of 
receivables, operating expenses, taxes, currency exchange rates, hedging, 
cost savings and competitiveness, as well as results of operations 
including targeted synergies and those related to market share, prices, 
net sales, income and margins; D) expectations, plans or benefits 
related to changes in organizational and operational structure; E) 
expectations regarding competition within our market; market 
developments, general economic conditions and structural change globally 
and in national and regional markets, such as China; F) our ability to 
integrate acquired businesses into our operations and achieve the 
targeted business plans and benefits, including targeted benefits, 
synergies, cost savings and efficiencies; G) expectations, plans or 
benefits related to any future collaboration or to business 
collaboration agreements or patent license agreements or arbitration 
awards, including income to be received under any collaboration or 
partnership, agreement or award; H) timing of the deliveries of our 
products and services, including our short term and longer term 
expectations around the rollout of 5G, investment requirements with such 
rollout, and our ability to capitalize on such rollout; as well as the 
overall readiness of the 5G ecosystem; I) expectations and targets 
regarding collaboration and partnering arrangements, joint ventures or 
the creation of joint ventures, and the related administrative, legal, 
regulatory and other conditions, as well as our expected customer reach; 
J) outcome of pending and threatened litigation, arbitration, disputes, 
regulatory proceedings or investigations by authorities; K) expectations 
regarding restructurings, investments, capital structure optimization 
efforts, uses of proceeds from transactions, acquisitions and 
divestments and our ability to achieve the financial and operational 
targets set in connection with any such restructurings, investments, 
capital structure optimization efforts, divestments and acquisitions, 
including our current cost savings program; L) expectations, plans or 
benefits related to future capital expenditures, temporary incremental 
expenditures or other R&D expenditures to develop or rollout of software 
and other new products, including 5G; M) expectation regarding our 
customers' future capital expenditure constraints; and N) statements 
preceded by or including "believe", "expect", "expectations", "commit", 
"anticipate", "foresee", "see", "target", "estimate", "designed", "aim", 
"plan", "intend", "influence", "assumption", "focus", "continue", 
"project", "should", "is to", "will" or similar expressions. These 
forward-looking statements are subject to a number of risks and 
uncertainties, many of which are beyond our control, which could cause 
actual results to differ materially from such statements. These 
statements are based on management's best assumptions and beliefs in 
light of the information currently available to it. These 
forward-looking statements are only predictions based upon our current 
expectations and views of future events and developments and are subject 
to risks and uncertainties that are difficult to predict because they 
relate to events and depend on circumstances that will occur in the 
future. Factors, including risks and uncertainties that could cause 
these differences include, but are not limited to: 1) our strategy is 
subject to various risks and uncertainties and we may be unable to 
successfully implement our strategic plans, sustain or improve the 
operational and financial performance of our business groups, correctly 
identify or successfully pursue business opportunities or otherwise grow 
our business; 2) general economic and market conditions and other 
developments in the economies where we operate, including the timeline 
for the deployment of 5G and our ability to successfully capitalize on 
that deployment; 3) competition and our ability to effectively and 
profitably invest in existing and new high-quality products, services, 
upgrades and technologies and bring them to market in a timely manner; 
4) our dependence on the development of the industries in which we 
operate, including the cyclicality and variability of the information 
technology and telecommunications industries and our own R&D 
capabilities and investments; 5) our dependence on a limited number of 
customers and large multi-year agreements, as well as external events 
impacting our customers including mergers and acquisitions; 6) our 
ability to maintain our existing sources of intellectual 
property-related revenue through our intellectual property, including 
through licensing, establish new sources of revenue and protect our 
intellectual property from infringement; 7) our ability to manage and 
improve our financial and operating performance, cost savings, 
competitiveness and synergies generally, expectations and timing around 
our ability to recognize any net sales and our ability to implement 
changes to our organizational and operational structure efficiently; 8) 
our global business and exposure to regulatory, political or other 
developments in various countries or regions, including emerging markets 
and the associated risks in relation to tax matters and exchange 
controls, among others; 9) our ability to achieve the anticipated 
benefits, synergies, cost savings and efficiencies of acquisitions; 10) 
exchange rate fluctuations, as well as hedging activities; 11) our 
ability to successfully realize the expectations, plans or benefits 
related to any future collaboration or business collaboration agreements 
and patent license agreements or arbitration awards, including income to 
be received under any collaboration, partnership, agreement or 
arbitration award; 12) Nokia Technologies' ability to protect its IPR 
and to maintain and establish new sources of patent, brand and 
technology licensing income and IPR-related revenues, particularly in 
the smartphone market, which may not materialize as planned, 13) our 
dependence on IPR technologies, including those that we have developed 
and those that are licensed to us, and the risk of associated 
IPR-related legal claims, licensing costs and restrictions on use; 14) 
our exposure to direct and indirect regulation, including economic or 
trade policies, and the reliability of our governance, internal controls 
and compliance processes to prevent regulatory penalties in our business 
or in our joint ventures; 15) our reliance on third-party solutions for 
data storage and service distribution, which expose us to risks relating 
to security, regulation and cybersecurity breaches; 16) inefficiencies, 
breaches, malfunctions or disruptions of information technology systems, 
or our customers' security concerns; 17) our exposure to various legal 
frameworks regulating corruption, fraud, trade policies, and other risk 
areas, and the possibility of proceedings or investigations that result 
in fines, penalties or sanctions; 18) adverse developments with respect 
to customer financing or extended payment terms we provide to customers; 
19) the potential complex tax issues, tax disputes and tax obligations 
we may face in various jurisdictions, including the risk of obligations 
to pay additional taxes; 20) our actual or anticipated performance, 
among other factors, which could reduce our ability to utilize deferred 
tax assets; 21) our ability to retain, motivate, develop and recruit 
appropriately skilled employees; 22) disruptions to our manufacturing, 
service creation, delivery, logistics and supply chain processes, and 
the risks related to our geographically-concentrated production sites; 
23) the impact of litigation, arbitration, agreement-related disputes or 
product liability allegations associated with our business; 24) our 
ability to re-establish investment grade rating or maintain our credit 
ratings; 25) our ability to achieve targeted benefits from, or 
successfully implement planned transactions, as well as the liabilities 
related thereto; 26) our involvement in joint ventures and 
jointly-managed companies; 27) the carrying amount of our goodwill may 
not be recoverable; 28) uncertainty related to the amount of dividends 
and equity return we are able to distribute to shareholders for each 
financial period; 29) pension costs, employee fund-related costs, and 
healthcare costs; 30) our ability to successfully complete and 
capitalize on our order backlogs and continue converting our sales 
pipeline into net sales; and 31) risks related to undersea 
infrastructure, as well as the risk factors specified on pages 60 to 75 
of our 2018 annual report on Form 20-F published on March 21, 2019 under 
"Operating and financial review and prospects-Risk factors" and in our 
other filings or documents furnished with the U.S. Securities and 
Exchange Commission. Other unknown or unpredictable factors or 
underlying assumptions subsequently proven to be incorrect could cause 
actual results to differ materially from those in the forward-looking 
statements. We do not undertake any obligation to publicly update or 
revise forward-looking statements, whether as a result of new 
information, future events or otherwise, except to the extent legally 
required. 
 
 
 
 
 
 

(END) Dow Jones Newswires

December 03, 2019 08:29 ET (13:29 GMT)

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

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