Nokia Shares Jump After Suri Named CEO to Steer Networks Growth
This article is for subscribers only.
Nokia Oyj named Rajeev Suri chief executive officer, picking the head of its networks division to chart the company’s future and forecasting a return to sales growth after selling the mobile-phone business to Microsoft Corp.
The stock jumped the most in six months after Espoo, Finland-based Nokia also said it plans to spend about 5 billion euros ($6.9 billion) on dividends, share buybacks and debt reduction. The appointment of Suri, 46, ends the search for a replacement for Stephen Elop, who returned to Microsoft with the sale of Nokia’s handset division for $7.5 billion.