Nokia to Open Corporate Office in New York
Posted on: Thursday, 18 December 2003, 06:00 CST
Dec. 18--Nokia Corp., looking to continue growth beyond cellphone handset manufacturing, said it will open a corporate office in New York sometime next year and reassign some of its top management to the office.
The company announced Wednesday that the office will serve as a base for its Enterprise Solutions business group and put its chief financial officer near Wall Street. Rick Simonson, Nokia's CFO and the first American to join top management, will move from the company's Finland headquarters to New York as part of the shuffle.
The new site is expected to be fully operational by the middle of 2004 and within two years will have about 150 employees. The personnel shift will have a "very minor" effect on the nearly 3,500 employees in North Texas, a spokesman said.
"This will enable us to have even closer links with investors and the financial community," Jorma Ollila, Nokia's chairman and chief executive, said in a statement.
Nokia is the world's No. 1 mobile phone manufacturer, but as sales have slumped as almost everyone who wants a cellphone has one, the company has turned attention to emerging markets. The Enterprise Solutions group will further coordinate its efforts at placing highly equipped and specialized phones into the hands of executives.
In addition, the group will coordinate Nokia's network and Internet security efforts.
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