Nokia Siemens Promotes Operating Head Elhage as Finance Chief

Nokia Siemens Networks named Samih Elhage chief financial officer as parents Nokia Oyj and Siemens AG consider options for the phone-equipment venture’s future.

Elhage, previously chief operating officer, replaces Marco Schroeter, who is leaving Nokia Siemens immediately, according to a statement from the Espoo, Finland-based venture today. No reason was given for the departure.

Siemens and Nokia have intensified talks for the German partner to exit the six-year-old venture, with options including a stake sale and initial public offering, people familiar with the situation said this month. Elhage has helped to reduce costs at Nokia Siemens and advised private-equity and consulting firms before joining the venture.

“Samih has made significant contributions in his role as chief operating officer and is well prepared to step into the role of CFO,” said Chief Executive Officer Rajeev Suri in the statement. “He has deep commercial skills and a strong command of company financials.”

Elhage, who has more than 23 years of telecommunications experience in both financial and operational roles, joined Nokia Siemens in March.

Nokia and Siemens abandoned talks with private-equity buyers in 2011 over a sale of the business as the buyout firms failed to come up with a compelling offer. Nokia Siemens has since returned to profit, helped by a plan to cut 17,000 jobs.

To contact the reporter on this story: Adam Ewing in Stockholm at aewing5@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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