NSN's Jesper Ovesen to step down as Executive Chairman
Nokia Corporation
Stock Exchange Release
December 30, 2013 at 14:00 (CET +1)
Espoo, Finland - Nokia today announced that Jesper Ovesen is to step down as
Executive Chairman of Nokia Solutions and Networks, the group's telecoms
infrastructure business.
Mr Ovesen joined NSN in September 2011, when it was a joint venture between
Nokia and Siemens. He has supported NSN CEO Rajeev Suri and his management team
in building a successful and industry-leading telecoms infrastructure company
focused on mobile broadband and related services. Since August 2013, NSN has
been fully-owned by Nokia.
Nokia Chairman and interim CEO Risto Siilasmaa said: "We thank Jesper for
lending the full breadth of his restructuring and change management expertise
and for playing a critical part in building a stronger NSN. NSN has developed
into a profitable and leading mobile broadband specialist that is pushing the
boundaries of connecting people through LTE and future technologies. We wish
Jesper well for the future."
Mr. Ovesen is due to step down from his Executive Chairman role upon the closing
of the transaction whereby Nokia is selling substantially all of its Devices &
Services business to Microsoft, which is expected to take place during the first
quarter of 2014. Mr. Ovesen will continue to serve in an advisory role for a
period after the closing of the Microsoft transaction. As before, NSN CEO Mr.
Suri reports to the NSN Board.
FORWARD-LOOKING STATEMENTS
It should be noted that Nokia and its business are exposed to various risks and
uncertainties and certain statements herein that are not historical facts are
forward-looking statements, including, without limitation, those regarding: A)
the planned sale by Nokia of substantially all of Nokia's Devices & Services
business, including Smart Devices and Mobile Phones (referred to below as "Sale
of the D&S Business") pursuant to the Stock and Asset Purchase Agreement, dated
as of September 2, 2013, between Nokia and Microsoft International Holdings
B.V.(referred to below as the "Agreement"); B) the closing of the Sale of the
D&S Business; C) receiving timely, if at all, necessary regulatory approvals for
the Sale of the D&S Business; D) expectations, plans or benefits related to or
caused by the Sale of the D&S Business; E) expectations, plans or benefits
related to Nokia's strategies, including plans for Nokia with respect to its
continuing businesses that will not be divested in connection with the Sale of
the D&S Business; F) expectations, plans or benefits related to changes in
leadership and operational structure; G) expectations and targets regarding our
operational priorities, financial performance or position, results of operations
and use of proceeds from the Sale of the D&S Business; and H) statements
preceded by "believe," "expect," "anticipate," "foresee," "sees," "target,"
"estimate," "designed," "aim", "plans," "intends," "focus," "will" or similar
expressions. These statements are based on management's best assumptions and
beliefs in light of the information currently available to it. Because they
involve risks and uncertainties, actual results may differ materially from the
results that we currently expect. Factors, including risks and uncertainties
that could cause these differences include, but are not limited to: 1) the
inability to close the Sale of the D&S Business in a timely manner, or at all,
for instance due to the inability or delays in obtaining necessary regulatory
approvals for the Sale of the D&S Business, or the occurrence of any event,
change or other circumstance that could give rise to the termination of the
Agreement; 2) the potential adverse effect on the sales of our mobile devices,
business relationships, operating results and business generally resulting from
the announcement of the Sale of the D&S Business or from the terms that we have
agreed for the Sale of the D&S Business; 3) any negative effect from the
implementation of the Sale of the D&S Business, as we may forego other
competitive alternatives for strategies or partnerships that would benefit our
Devices & Services business and if the Sale of the D&S Business is not closed,
we may have limited options to continue the Devices & Services business or
enter into another transaction on terms favorable to us, or at all; 4) our
ability to effectively and smoothly implement planned changes to our leadership
and operational structure or maintain an efficient interim governance structure
and preserve or hire key personnel; 5) any negative effect from the
implementation of the Sale of the D&S Business, including our internal
reorganization in connection therewith, which will require significant time,
attention and resources of our senior management and others within the company
potentially diverting their attention from other aspects of our business; 6)
disruption and dissatisfaction among employees caused by the plans and
implementation of the Sale of the D&S Business reducing focus and productivity
in areas of our business; 7) the amount of the costs, fees, expenses and charges
related to or triggered by the Sale of the D&S Business; 8) any impairments or
charges to carrying values of assets or liabilities related to or triggered by
the Sale of the D&S Business; 9) potential adverse effects on our business,
properties or operations caused by us implementing the Sale of the D&S Business;
10) the initiation or outcome of any legal proceedings, regulatory proceedings
or enforcement matters that may be instituted against us relating to the Sale of
the D&S Business, as well as the risk factors specified on pages 12-47 of
Nokia's annual report on Form 20-F for the year ended December 31, 2012 under
Item 3D. "Risk Factors." and risks outlined in our interim report issued on
October 29, 2013. Other unknown or unpredictable factors or underlying
assumptions subsequently proving to be incorrect could cause actual results to
differ materially from those in the forward-looking statements. Nokia does not
undertake any obligation to publicly update or revise forward-looking
statements, whether as a result of new information, future events or otherwise,
except to the extent legally required.
About Nokia
Nokia is a global leader in mobile communications whose products have become an
integral part of the lives of people around the world. Every day, more than 1.3
billion people use their Nokia to capture and share experiences, access
information, find their way or simply to speak to one another. Nokia's
technological and design innovations have made its brand one of the most
recognized in the world. For more information, visit http://www.nokia.com/about-
nokia.
Media Enquiries:
Nokia
Communications
Tel. +358 7180 34900
Email: press.services@nokia.com
www.nokia.com
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