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Nokia Taps New Finance Chief

STOCKHOLM -- Nokia Corp. said Friday that Chief Financial Officer Rick Simonson will leave his role on Nov. 1 to head the company's mobile-phones sector in the devices unit.

Timo Ihamuotila, 43, who is currently global head of sales, will replace him.

The world's largest handset maker said Mr. Simonson, 51, will also head strategic sourcing for the entire devices unit. "Rick Simonson's deep knowledge of the business and its financials will be valuable for the significant part mobile phones plays in Nokia's business," Chief Executive Officer Olli-Pekka Kallasvuo said.

Nokia spokeswoman Henna Pelkola said Nokia regards Mr. Simonson's new position as a "job rotation" with new responsibilities, adding that it is quite common for the company's managers to move between different positions. She didn't comment on when or why the company decided on the management change.

Mr. Simonson, who has been finance chief since 2004, will continue to be on the executive board, Mr. Kallasvuo said. Mr. Ihamuotila, who joined Nokia in 1993 and has also served as the Finnish company's corporate treasurer, will also remain on the board.

Neither Mr. Simonson nor Mr. Ihamuotila was available to comment.

The management changes came a day after Nokia reported a worse-than-expected third-quarter net loss and a sharp fall in its market share of smartphones. It was the company's first quarterly loss since 1998.

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