Nokia chair Sari Baldauf to step down, Vice chair Timo Ihamuotil to succeed. Details here

Nokia announced on Thursday, 29 January, that its chair, Sari Baldauf, plans to step down and will be succeeded by Timo Ihamuotila, amid the company's push into artificial intelligence that helped it meet quarterly earnings expectations, according to a Reuters report.

Nokia's shares dropped 6% in early trading in Helsinki, making it one of the worst performers on Europe's Stoxx 600 index, the report said. Baldauf, a longtime executive at Nokia, has been chairing the board since 2020 after rejoining the company in 2018. Her previous time at Nokia, from 1994 to 2005, coincided with the company's rise to become a global leader in the mobile phone market.

Ihamuotila, who currently serves as vice chair, was Nokia’s chief financial officer from 2009 to 2016. He is expected to depart from theSwiss group ABB by the end of 2026, the report said.

The Finland-based company is undertaking one of its largest restructuring efforts after selling its iconic mobile phone division over a decade ago, relying on AI and data centre demand to offset weak spending and contract losses in 5G.

Last year, the company appointed former Intel executive Justin Hotard as its CEO to accelerate the transition. However, a profit warning due to US import tariffs and a weaker dollar has impacted margins, increasing pressure for more substantial cost reductions, the report said.

About Sari Baldauf

Serving as a Nokia Board member since 2018, Baldauf is a member of the Corporate Governance and Nomination Committee, the Personnel Committee, and the Strategy Committee of the company.

She has pursued a Master of Business Administration at the Helsinki School of Economics and Business Administration, Finland and a Bachelor of Science at the Helsinki School of Economics and Business Administration, Finland. Baldauf secured honorary doctorates in Technology and Business Administration.

She also served as the Executive Vice President and General Manager of the Networks Business Group at Nokia from 1998 to 2005. Baldauf held various executive positions at Nokia in Finland and the United States between 1983 and 1998.