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Corporate Finance, DeFi, Blockchain News

Marco Schroter CFO Nokia Siemens Networks

Telecom equipment maker Nokia Siemens Networks Monday named Marco Schroter as its new financial chief, succeeding Luca Maestri who will join Xerox Corp (XRX: 10.98, 0.00, 0.00%).

Schroter, a 47-year-old German, was previously chief financial officer at logistics company Schenker AG and at German semiconductor maker Infineon Technologies AG (IFX.XE). His appointment is effective March 14.

Schroter couldn't immediately be reached to comment further on his new role.

Schroter takes over as CFO at a time when Nokia Siemens Networks, a joint venture between German conglomerate Siemens (SI: 128.99, 0.00, 0.00%) and Finnish mobile phone maker Nokia Corp. (NOK: 9.36, 0.00, 0.00%), is restructuring amid ongoing price pressure from rivals, including Chinese vendors such as Huawei Technologies Co. and ZTE Corp. (0763.HK).

NSN Chief Executive Rajeev Suri, speaking at Mobile World Congress in Barcelona Monday, said the company experienced pressure on its gross margin in the later half of last year, but stressed that wasn't unique to NSN. The company targets a reduction in operating costs and production overheads by EUR500 million by the end of 2011 compared with the end of 2009.

Meanwhile, NSN is benefiting from increasing demand for fast mobile broadband and rollouts of 4G networks. A key milestone will be the completion of its acquisition of Motorola's networks assets, currently held up by Chinese regulators. Suri said Monday he expects to close that deal in the first quarter.

Over the past year or so, NSN has been subject to speculation that it may look to float or seek an outside investor.

Nokia's CFO Timo Ihamuotila said Friday there were no changes planned at NSN following the announcement of Nokia's broad strategic tie up with Microsoft Corp. (MSFT: 27.25, 0.00, 0.00%). Still, he said having a network asset isn't vital to be a successful mobile phone maker, without elaborating. NSN is fully consolidated in Nokia's results.

Nokia said it expects telecom equipment industry revenue to grow slightly in 2011 compared with 2010.

"While growth is expected in certain areas, such as mobile broadband and services, this is expected to be offset to some extent by declines in certain areas and a continued challenging competitive environment," it said, and NSN aims to beat the wider market in sales growth in 2011.

Mercredi 23 Mars 2011