Executive Chairman appointed at Nokia Siemens Networks - Nokia and Siemens to each provide new capital of EUR 500 million

Nokia and Siemens today announced the appointment of Jesper Ovesen as Executive Chairman of the Board of Nokia Siemens Networks, effective today. As Executive Chairman, Ovesen assumes a full-time role with a special emphasis on overseeing the strategic direction of Nokia Siemens Networks...

Executive Chairman appointed at Nokia Siemens Networks - Nokia and Siemens to each provide new capital of EUR 500 million

Munich, Germany / Espoo, Finland, 2011-Sep-29

Nokia and Siemens today announced the appointment of Jesper Ovesen as Executive Chairman of the Board of Nokia Siemens Networks, effective today. As Executive Chairman, Ovesen assumes a full-time role with a special emphasis on overseeing the strategic direction of Nokia Siemens Networks as it seeks to strengthen its position as a leader in the industry and become a more independent entity. He will work closely with Nokia Siemens Networks CEO Rajeev Suri and his management team in that capacity.

Ovesen, 54, has held a number of senior management positions in leading European companies, including serving most recently as CFO at Danish telecommunications group TDC during the company's restructuring process and Initial Public Offering.

"We are delighted to welcome Jesper to his new role," said Nokia CEO Stephen Elop and Siemens CFO Joe Kaeser. "With a strong track record in change management, Jesper is an excellent addition to the Nokia Siemens Networks team. As Executive Chairman, he will also be responsible for strategy oversight as Nokia Siemens Networks transitions towards a strong standalone entity."

Commenting on his appointment, Jesper Ovesen said: "I am delighted to be joining the Nokia Siemens Networks team. Nokia Siemens Networks is an innovation leader in the industry and I look forward to supporting the company as it forges ahead in its path to sustainable long-term leadership and profitability."

Olli-Pekka Kallasvuo, who has served as Non-Executive Chairman, has elected to step down from his position as serving in a full time capacity was not possible. "We would both like to extend our sincere thanks to Olli-Pekka for his contribution and dedication to Nokia Siemens Networks," said Nokia CEO Stephen Elop and Siemens CFO Joe Kaeser.


Nokia and Siemens to provide capital of EUR 1.0 billion
Nokia and Siemens today also announced that they are each providing capital of EUR 500 million to Nokia Siemens Networks to further strengthen the company's financial position and set the stage for strategic flexibility, productivity and innovation in areas such as Mobile Broadband and related services.

Jesper Ovesen's biography will soon be made available at: www.nokiasiemensnetworks.com/about-us/company/board-of-directors?


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