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Nokia transformation timeline under Chairman Risto Siilasmaa

Nokia’s transformation under Chairman Risto Siilasmaa is one of the most significant corporate turnarounds in recent years

I first met Risto Siilasmaa five years ago for lunch in Helsinki, Finland.  He had recently stepped into the role of chairman for Nokia, which at the time was suffering from a series of setbacks that included selling their handset business to Microsoft and being bypassed by Verizon and AT&T when the U.S. carriers selected their primary LTE network vendors (Ericsson and Alcatel-Lucent).

While posting a series of recent Q&A sessions with Siilasmaa, it seemed appropriate to recap key milestones in Nokia’s turnaround and transformation under his leadership.


2008 – Risto Siilasmaa joins Nokia board. Siilasmaa founded F-Secure and was Finland’s first billionaire.

2010-2014 – Nokia’s global handset market share dropped from 33% to 3% under the leadership of the first non-Finnish director, Stephen Elop. Market capitalization drops by 50%.

2010 – Verizon and AT&T select Ericsson and Alcatel-Lucent as primary LTE network vendors. 

2012 – Risto Siilasmaa becomes chairman of Nokia Board.

Sept 2013-May 2014: Risto Siilasmaa serves as interim chief executive of Nokia, as well as chairman.

2013 – Nokia buys Siemens out of JV for approximately $2.2 billion.

April 2014 – Nokia completes $7.5 billion sale of substantially all of its Device and Services business to Microsoft.

April 2014 – Rajeev Suri announced as Nokia’s new CEO.

August 2014 – Nokia completes acquisition of SAC Wireless, a “self-performer” of network infrastructure deployment services.

April 2015 – Nokia announces $16 billion acquisition of Alcatel Lucent.  Deal closes in November 2016, and positions Nokia as a global IP core and mobile network infrastructure provider.

August 2015 – Nokia sells location based technology company, HERE, to German automakers for $3 billion.

March 2016 – Nokia acquires Nakina, a Canadian network security, orchestration and virtualization software company.

June 2016 – Nokia completes $191 million acquisition of health and gadget maker Withings to establish leadership in “preventive health and patient care.”

August 2016 – Nokia acquires Gainspeed, a virtual, converged access platform for cable industry.

October 2016 – Nokia acquires ETA Devices to enhance small cell base station power efficiency required for 5G technology.

January 2017 – Nokia acquires Deepfield, a leading U.S.-based, real-time network analytics and security company.

June 2017 – Nokia announces $370 million acquisition of Comptel to bolster software capabilities at global scale.

June 2017 – Nokia rebrands Withings and launched two new connected health devices.

Visit Nokia’s website for a full listing of recent acquisitions

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