Nokia announces first phase of its new strategy, changes to operating model and Group Leadership Team

Nachrichtenquelle: globenewswire
29.10.2020, 07:00  |  225   |   |   

Nokia Corporation
Stock Exchange Release
October 29, 2020, at 08:00 (CET +1)

Nokia announces first phase of its new strategy, changes to operating model and Group Leadership Team

New company strategy to be shared in three phases, starting today; new operating model to be effective January 1, 2021, designed to better position company for changing markets and align with customer needs.

  • New model to include four P&L-responsible business groups aligned with customer buying behavior
  • New business groups are Mobile Networks, IP and Fixed Networks, Cloud and Network Services and Nokia Technologies
  • New Customer Experience organization to strengthen customer relationships across all businesses
  • Optimizes model for better accountability and transparency, increased simplicity and improved cost-efficiency
  • New structure effective January 1, 2021
  • Nokia will announce its new strategy in three phases; more information to be shared on December 16, 2020, and at Capital Markets Day on March 18, 2021

Espoo, Finland – Nokia today announces high-level strategic principles and a new operating model that will be effective on January 1, 2021.

“Our industry is undergoing profound changes. Industrial automation and digitalization are increasing customer demand for high-performance networks, with a trend towards open interfaces, virtualization, and cloud native software. This will revolutionize how we design, deploy, manage and sell our products and solutions,” said Pekka Lundmark, President and CEO.

“As we work to renew our strategy, we will ensure we are well positioned to leverage these trends, improve our performance and position the company for long-term value creation.”

At this point, Nokia’s strategy review has reached four conclusions. First, that technology leadership will be the top priority; second, that the company’s current customer base, consisting of telco operators and enterprises (including webscale companies), provides a solid platform for value creation; third, that there is a longer-term opportunity to move into higher-value “network-as-a-service” business models; and fourth, that end-to-end as a core strategic idea will be replaced with a more focused approach, with each of the company’s new business groups having a distinct role in the overall strategy.

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Nokia announces first phase of its new strategy, changes to operating model and Group Leadership Team Nokia Corporation Stock Exchange Release October 29, 2020, at 08:00 (CET +1) Nokia announces first phase of its new strategy, changes to operating model and Group Leadership Team New company strategy to be shared in three phases, starting today; …

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