Nokia CEO search focuses on insiders

STOCKHOLM: Nokia, seeking a successor to former CEO Stephen Elop, is focusing on insiders including Rajeev Suri as it narrows a months-long search for a manager to set a new strategy at the wireless-technology company, according to people familiar with the matter.
Suri, the head of Nokia’s network-equipment unit, is among applicants for the job, said the people.
Finance Chief Timo Ihamuotila has also been considered, said one of the people.
The new CEO will try to revive 149-year-old Nokia, whose history includes radical leaps from one industry to another and which once again faces a fresh start without a business it used to rely on.
Elop helped engineer a $7.4 billion sale of Nokia’s handset unit to his former employer Microsoft and is rejoining the software maker as part of the transaction.
“Nokia selling its phone business is a historic move and crafting its future strategy and picking its next leader will be critical for its future success,” said Mika Heikkinen, who helps manage 2 billion euros ($2.7 billion) including Nokia shares at FIM Asset Management Ltd. in Helsinki.
“The board has one chance to get this right.”
Nokia, based in Espoo, Finland, has also considered external candidates, the people said.
The company is more likely to name a new CEO after completing the phone-division sale, they said.
Microsoft and Nokia have said they expect to complete the deal this quarter, and are waiting for regulatory approval from countries including China.