Nokia has taken several steps in its ongoing reorganization of its divisions and top management.
Nokia is putting renewed emphasis on its enterprise and multimedia divisions, which it expects will generate growth over the next few years.
"We see this as a positive move - increasing the visibility and focus on areas of new business opportunity," said Keith Westhead, analyst at Deutsche Bank, in a research note issued Friday atlanta mortgage loans.
"the new structure consists of four business groups, corporate-wide sales, marketing, logistics, manufacturing and technology units, as well as a corporate strategy, development and research unit," Nokia said. The corporate reorganization, which began back in the spring of 2002, has resulted nine business units streamlined down to four groups: Mobile Phones, Multimedia, Networks and Enterprise Solutions motorcycle insurance.
Nokia is the world market leader for mobile phone handsets, with about 36 percent market share, according to Gartner Dataquest. Last year, Nokia claimed a 38 percent market share, so its rivals are picking up some share, putting additional pressure on its current top management. As part of the management shakeup, Nokia said it named Rick Simonson its new chief financial officer, which has prompted some to speculate the move may be a step towards grooming a potential successor to the company's current CEO Jorma Ollila dallas investment property, who is under contract through the spring of 2006. Simonson is the first North American to join the company's Finnish senior management, according to Deutsche Bank.