More Restructuring at Nokia: Lay Offs and Leadership Departures

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It seems no one is safe at Nokia these days from the “boots on ground” all they way up to the executive vice president.  Just a little while ago Nokia President Stephen Elop announced some MAJOR restructuring.

I will attach the whole press release but here is the Readers Digest version of the announcement.

  • Nokia intends to reduce production in Finland, the Helsingin Sanomat, 3,700 employees for the next year at the latest

 

  • Nokia plans to reduce up to 10,000 positions globally by the end of 2013.
  • Jerri DeVard steps down as chief marketing officer
  • Mary McDowell steps down as executive vice president of Mobile Phones
  • Niklas Savander steps down as executive vice president of Markets

 

Nokia’s President Stephen Elop was quoted as saying:

“We are increasing our focus on the products and services that our consumers value most while continuing to invest in the innovation that has always defined Nokia.  We intend to pursue an even more focused effort on Lumia, continued innovation around our feature phones, while placing increased emphasis on our location-based services. However, we must re-shape our operating model and ensure that we create a structure that can support our competitive ambitions.”

Translation:

“Yikes! We are still losing a ton of money while rounding the corner, if we want to make it to the other side it’s gonna be painful and we are going to have to do more layoffs.”

If you want to read the whole press release. (and you should) you can check it out here.

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