Rajeev Suri, the Nokia Oyj insider responsible for reviving the Finnish company, has plenty of cash, lower costs, and no need to worry about an unprofitable phone business that’s now part of Microsoft Corp. The challenge: sales are still plunging.
Nokia Oyj nominated entrepreneur Risto Siilasmaa to succeed Jorma Ollila as chairman, signaling that key decisions at the world’s biggest mobile-phone company by handsets deliveries will stay in Finland.
Nokia Oyj, seeking a successor to former Chief Executive Officer Stephen Elop, is focusing on insiders including Rajeev Suri as it narrows a months-long search for a manager to set a new strategy at the wireless- technology company, according to people familiar with the matter.
Nokia Oyj investors cleared the sale of its mobile-phone unit to Microsoft Corp. in a 5.44 billion- euro ($7.4 billion) deal, unshackling the Finnish company from the unprofitable division and letting it focus on networks.
Microsoft Corp. is spending 5.44 billion euros ($7.2 billion) to buy Nokia Oyj’s handset unit so it can gain ground on Apple Inc. and Google Inc. in a smartphone market it let get away -- gaining a possible new chief executive officer in the process.