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Age : 52
Public asset : 9,089,901 USD
Biography : Rajeev Suri is a businessperson who has been at the helm of 7 different companies. Presently, Mr. Su

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

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12/03/2019 | 08:30am EST
   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, 
   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. 
   Media Inquiries 
   Tel. +358 (0) 10 448 4900 
   Email: press.services@nokia.com 
   Katja Antila, Head of Media Relations 
   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 

(MORE TO FOLLOW) Dow Jones Newswires

12-03-19 0829ET

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