Nokia: Chairman Risto Siilasmaa to Step Down, Sari Baldauf to Be Successor
December 03 2019 - 9:16AM
Dow Jones News
By Dominic Chopping
Nokia Corp. (NOK) said Tuesday that Risto Siilasmaa is to step
down from the Nokia board of directors after serving 12 years as a
director and the last eight years as chairman.
The company said it will propose Vice Chair Sari Baldauf to
succeed Mr. Siilasmaa, who will step down at Nokia's annual general
meeting on April 8.
"While we know that Nokia is facing some short-term challenges
as the [5G] technology matures, I am confident that we have the
right actions under way to address those issues," Mr. Siilasmaa
said.
"Many parts of Nokia are performing well, and we are delivering
on our strategy to diversify into enterprise markets and build our
software business."
Nokia said its corporate governance and nomination committee
conducted the succession planning process for almost a year and, in
alignment with the full board, proposes Vice Chair Baldauf as
chairwoman, with board member Kari Stadigh proposed as the new vice
chair.
Ms. Baldauf joined the Nokia board as a nonexecutive director in
2018 having previously served as executive vice president and
general manager of Nokia's networks business from 1998 to 2005 and
prior to that, held various executive positions at Nokia in Finland
and the United States.
She is also a member of the supervisory board and nomination
committee of Daimler AG (DAI.XE) and until 2018 was the chair of
Fortum Oyj (FORTUM.HE) and a member of the supervisory board of
Deutsche Telekom AG (DTE.XE).
"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," Ms. Baldauf said.
"Rajeev and his team are working hard to address both the
short-term issues and strengthen Nokia's longer-term value
drivers."
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
December 03, 2019 09:01 ET (14:01 GMT)
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