Stephen ElopNokia’s chairman Risto Siilasmaa has admitted giving misleading information to the press regarding outgoing CEO Stephen Elop’s exit payout, according to reports in the Finnish news.
Software giant Microsoft plans to drop the Nokia brand from its marketing following its recently completed acquisition of Nokia’s devices and services business.
One of the industry’s highest profile acquisitions in recent years is now complete after Microsoft announced that its acquisition of Nokia’s devices and services business has now been approved by shareholders and regulatory bodies around the world.
The potentially outgoing CEO of Nokia, Stephen Elop, is set to receive a $25m payout for overseeing the sale of the Finnish handset maker to Microsoft, Elop’s previous (and future) employer.
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In a move that has been much predicted, Microsoft has announced that it is to buy mobile device partner Nokia in a €5.44bn all cash transaction. The deal will see Nokia’s Devices & Services business transferred to the US firm as the company opens a new chapter set on “accelerating the Windows ecosystem”.
Infrastructure vendor Nokia Siemens Networks (soon to be just Nokia) reported a year on year drop in sales of 17 per cent for 2Q13. Revenue generated by the firm dropped to €2.78bn from €3.34bn in the same period last year.
Finnish handset vendor Nokia has announced that is expecting to report a loss for the first two quarters of 2012. In a statement released Wednesday the firm blamed “competitive industry dynamics” for damaging net sales for its Mobile Phones and Smart Devices business units, particularly in the Middle East and Africa, India and China.
Nokia has announced the settlement of a long-running patent spat with Apple. Under the terms of the agreement, Apple will pay an undisclosed lump sum as well as ongoing royalty payments for its use of patents Nokia claims belong to it. Both parties have agreed to withdraw their respective complaints to the US International Trade Commission (ITC).