Nokia to discontinue Chief Operating Officer role; current COO Joerg Erlemeier to leave company

Nokia to discontinue Chief Operating Officer role; current COO Joerg Erlemeier to leave company

Nokia Corporation

Stock Exchange Release

November 25, 2019 at 18:30 (CET +1)

Nokia to discontinue Chief Operating Officer role; current COO Joerg Erlemeier to leave company

Nokia announced today that it would discontinue the Chief Operating Officer (COO) role and distribute its various functions to other Nokia leaders. As a result, the current COO, Joerg Erlemeier, has decided to step down from the company's Group Leadership Team and leave the company as of January 1, 2020.

Joerg has been a long-time, trusted colleague, said Nokia President and Chief Executive Officer Rajeev Suri. He leaves the company with my thanks and deep appreciation for his many important contributions.

After 25 years at Nokia, I am ready to take on new challenges, said Erlemeier. While the company is in the midst of a transition, I leave firm in my belief that the right plan is in place to improve future performance. I wish the company and all my colleagues the very best.

About Nokia

We create the technology to connect the world. We develop and deliver the industrys only end-to-end portfolio of network equipment, software, services and licensing that is available globally. Our customers include communications service providers whose combined networks support 6.1 billion subscriptions, as well as enterprises in the private and public sector that use our network portfolio to increase productivity and enrich lives.

Through our research teams, including the world-renowned Nokia Bell Labs, we are leading the world to adopt end-to-end 5G networks that are faster, more secure and capable of revolutionizing lives, economies and societies. Nokia adheres to the highest ethical business standards as we create technology with social purpose, quality and integrity. www.nokia.com

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FORWARD-LOOKING STATEMENTS

It should be noted that Nokia and its businesses are exposed to various risks and uncertainties and certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokias current expectations and views of future developments and include statements regarding: A) expectations, plans or benefits related to our strategies and growth management; B) expectations, plans or benefits related to future performance of our businesses and any expected future dividends; C) expectations and targets, and any mathematical analysis derived from such expectations and targets, regarding financial performance, results, the timing of receivables, operating expenses, taxes, currency exchange rates, hedging, cost savings and competitiveness, as well as results of operations including targeted synergies and those related to market share, prices, net sales, income and margins; D) expectations, plans or benefits related to changes in organizational and operational structure; E) expectations regarding competition within our market; market developments, general economic conditions and structural change globally and in national and regional markets, such as China; F) our ability to integrate acquired businesses into our operations and achieve the targeted business plans and benefits, including targeted benefits, synergies, cost savings and efficiencies; G) expectations, plans or benefits related to any future collaboration or to business collaboration agreements or patent license agreements or arbitration awards, including income to be received under any collaboration or partnership, agreement or award; H) timing of the deliveries of our products and services, including our short term and longer term expectations around the rollout of 5G, investment requirements with such rollout, and our ability to capitalize on such rollout; as well as the overall readiness of the 5G ecosystem; I) expectations and targets regarding collaboration and partnering arrangements, joint ventures or the creation of joint ventures, and the related administrative, legal, regulatory and other conditions, as well as our expected customer reach; J) outcome of pending and threatened litigation, arbitration, disputes, regulatory proceedings or investigations by authorities; K) expectations regarding restructurings, investments, capital structure optimization efforts, uses of proceeds from transactions, acquisitions and divestments and our ability to achieve the financial and operational targets set in connection with any such restructurings, investments, capital structure optimization efforts, divestments and acquisitions, including our current cost savings program; L) expectations, plans or benefits related to future capital expenditures, temporary incremental expenditures or other R&D expenditures to develop or rollout of software and other new products, including 5G; M) expectation regarding our customers future capital expenditure constraints; and N) statements preceded by or including believe , expect , expectations , commit , anticipate , foresee , see , target , estimate , designed , aim , plan , intend , influence , assumption , focus , continue , project , should, is to, will or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such statements. These statements are based on management's best assumptions and beliefs in light of the information currently available to it. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict beca

LINK:	https://www.nokia.com/about-us/news/releases/2019/11/25/nokia-to-disco...
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