Nokia names new finance chief in management revamp

Business

Finnish telecoms equipment maker Nokia (NOKIA.HE) named a new finance chief on Thursday, completing an overhaul of its top executive team as it battles rivals Ericsson (ERICb.ST) and Huawei [HWT.UL] for work on lucrative 5G networks.

The company said Marco Wiren would join from Finnish engineer Wartsila (WRT1V.HE) and take over from Kristian Pullola as chief financial officer (CFO) from Sept. 1.

Nokia’s new Chief Executive Pekka Lundmark will also take the helm in September, while last month Sari Baldauf started as chairwoman, succeeding Risto Siilasmaa who had led the board for eight years.

Nokia, which axed its dividend after a profit warning last October, has been trying to tackle costs and delays in shipments as it vies with Sweden’s Ericsson and China’s Huawei.

“Nokia has clearly had challenges with balance sheet and cash flow, which has created additional pressure for renewal on the financial side,” analysts from equity research firm Inderes said in a note to clients.

Wiren is currently head of the power plant technology business at Wartsila, after previously working as a CFO for several public companies.

“Marco (Wiren) has deep financial and leadership experience, a sharp focus on driving operational excellence, and a demonstrated record of success. He also brings an extensive background in business-to-business and technology companies,” Lundmark said in a statement.

Nokia shares were down 1.8% in early trade, on a sharply lower Helsinki bourse.