© Nokia Siemens Networks Business | September 29, 2011

New cash for Nokia Siemens: EUR 1<em>bn</em>

Nokia and Siemens are each providing capital of EUR 500 million to Nokia Siemens Networks to further strengthen the company’s financial position. Furthermore, Nokia Siemens Network will also get a new Executive Chairman.
Nokia and Siemens haave appointed Jesper Ovesen as Executive Chairman of the Board of Nokia Siemens Networks, effective today.

Commenting on his appointment, Jesper Ovesen said: “I am delighted to be joining the Nokia Siemens Networks team. Nokia Siemens Networks is an innovation leader in the industry and I look forward to supporting the company as it forges ahead in its path to sustainable long-term leadership and profitability.”
As Executive Chairman, Mr Ovesen will work closely with Nokia Siemens Networks CEO Rajeev Suri and his management team in that capacity.

“We are delighted to welcome Jesper to his new role,” said Nokia CEO Stephen Elop and Siemens CFO Joe Kaeser. “With a strong track record in change management, Jesper is an excellent addition to the Nokia Siemens Networks team. As Executive Chairman, he will also be responsible for strategy oversight as Nokia Siemens Networks transitions towards a strong standalone entity.

Olli-Pekka Kallasvuo, who has served as Non-Executive Chairman, has elected to step down from his position as serving in a full time capacity was not possible. “We would both like to extend our sincere thanks to Olli-Pekka for his contribution and dedication to Nokia Siemens Networks,” said Nokia CEO Stephen Elop and Siemens CFO Joe Kaeser.
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