Nokia announced on Thursday, 29 January, that its chair, Sari Baldauf, plans to step down and will be succeeded by Timo Ihamuotila, amid the company’s push into artificial intelligence that helped it meet quarterly earnings expectations, according to a Reuters report.
Ihamuotila, who currently serves as vice chair, was Nokia’s chief financial officer from 2009 to 2016. He is expected to depart from theSwiss group ABB by the end of 2026, the report said.
Last year, the company appointed former Intel executive Justin Hotard as its CEO to accelerate the transition. However, a profit warning due to US import tariffs and a weaker dollar has impacted margins, increasing pressure for more substantial cost reductions, the report said.
