Nokia, NSN deny rumors that CEO Suri will be replaced

Nokia (NYSE:NOK) and Nokia Siemens Networks denied a report that Siemens is actively seeking to replace Nokia Siemens CEO Rejeev Suri, who is leading the infrastructure vendor through a massive reorganization.

Nokia Siemens CEO Rajeev Suri

Suri

While a Nokia spokeswoman declined to comment, Reuters reported that Nokia called reports about Suri's exit "complete rubbish." Further, Nokia Siemens spokesman Ben Roome confirmed that Jesper Ovesen, the executive chairman of Nokia Siemens, said that the NSN board "has full confidence" in Suri.

On Friday Reuters reported that Sibylle Wankel, a Siemens supervisory board member, said that Siemens CFO Joe Kaeser has been looking around for a replacement to Suri. Wankel represents the IG metall trade union, which protested outside of NSN's Munich offices last week.

NSN said in November it would undergo a major restructuring to focus on mobile broadband and that it will slash up to 17,000 jobs by the end of 2013. The vendor said last month it expects to take substantial charges in the first quarter related to the restructuring. Since that November announcement NSN has sold several of its business units. In December it sold its wireline business to Adtran and its WiMAX business NewNet Communication Technologies, which is backed by private equity firm Skyview Capital. In November, NSN sold its microwave business unit to DragonWave.

For more:
- see this Reuters article
- see this separate Reuters article

Related Articles:
Rumour Mill: Siemens searches for new Nokia Siemens CEO
Nokia Siemens Q4 sales drop amid restructuring
NSN secures $1.56B loan to help with restructuring
NSN CEO: Parent companies will not contribute more cash to JV
Analysts: Network infrastructure spending cuts could hit Alca-Lu, NSN

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