Nokia’s new management
Pekka Lundmark, Nokia’s new CEO last year, is said to have made the decision with the greater goal of growing alongside Nokia’s rival Ericsson.
4 business groups
According to new plans published in October by Nokia, led by Pekka Lundmark, Nokia is expected to operate in 4 business groups, capturing all future business and opportunities.
5G services
Not only this, with 5G services currently on the rise in the world, it aims to be a global leader in the infrastructure and technology sales business.
Huawei recession
Meanwhile, Huawei has been banned in many parts of the world for excelling in 5G-enabled technology and devices, and the company’s business opportunities are booming.
Long term plan
Pekka Lundmark has the primary goal of creating new long-term business beyond capturing short-term business. Not only this, you have set an annual financial goal for each business segment.
10,000 laid off employees
Nokia also predicts that the restructuring will save between 600.6 billion and 700.7 billion a year by 2023 through other management changes, including laying off 10,000 employees.
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