Nokia today announced plans for changes in the leadership of the board of the Company. Risto Siilasmaa, the Chair of Nokia’s board and one of the key characters in Nokia’s transformation from a phone maker to one of the biggest networks companies, won’t seek reelection at the upcoming Annual General Meeting that will be held in April 2020.
Nokia’s Board Corporate Governance & Nomination Committee will nominate Sari Baldauf, current Vice Chair, to be the new Chair of the Board. Her Vice Chair nominee will be Kari Stadigh.
Baldauf joined the Nokia Board as a non-executive director in 2018. In addition, she is a member of the Supervisory Board & Nomination Committee of Daimler AG and the Board of Directors of Aalto University. Baldauf was the Executive Vice President and General Manager of Nokia’s Networks business group from 1998 to 2005 and, prior to that, held various executive positions at Nokia in Finland and the United States. Until 2018, Baldauf was the Board Chair of Fortum Corporation and a member of the Supervisory Board of Deutsche Telekom.
“I am honored by the nomination to serve Nokia and its shareholders as the Chair of the Board of Directors,” said Sari Baldauf, Nokia Board Vice Chair. “Risto and I have worked closely together since I was named Vice Chair in May. I see a clear opportunity to help create long-term shareholder value and look forward to continuing to work closely with the Board and with Nokia CEO Rajeev Suri. Rajeev and his team are working hard to address both the short-term issues and strengthen Nokia’s longer-term value drivers.”
Sari Baldauf relatively recently became a member of Nokia’s Board, but was working at Nokia for seven years in the first part of last decade, leading Nokia’s Networks business, the business that is now Nokia’s core business. She is also a member of the Supervisory Board at Daimler, currently involved in a patent war with Nokia, with the recent info suggesting a deal could be made between parties.
A one year succession plan is made to make the transfer of power from Siilasmaa to Baldauf as smooth as possible. The shareholders have to approve this first and that should happen during the AGM in April next year.