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 predicted shrinking profit margins for its network-equipment business, signaling the company is ready to sacrifice earnings to revive sales after handing its mobile-phone division to Microsoft Corp. The stock plunged.
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.
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.