Nokia CFO quits to join engineering group

Alan Burkitt-Gray
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Timo Ihamuotila to become CFO of power engineering company ABB after seven years in Nokia role

Nokia’s CFO is leaving the company to take up the same role in Swedish-Swiss engineering group ABB. Timo Ihamuotila will be replaced by Kristian Pullola, senior vice president and corporate controller, from 1 January 2017.

Ihamuotila, who had been CFO for seven years, will leave his role on 31 December but will remain an advisor unto 28 February; he takes up his new position at ABB on 1 April.

“Timo is a seasoned CFO with an impressive global track record,” said ABB’s CEO Ulrich Spiesshofer. “He has extensive and deep experience in all aspects of finance as well as in transforming businesses in times of industrial digitalisation.”

Rajeev Suri, president and CEO of Nokia, said: “Timo has helped make Nokia a stronger and better company, and he has my admiration. He was instrumental in the purchase of the Siemens share of Nokia Siemens Networks; the sale of Nokia’s devices and services business to Microsoft; the divestment of Here, our former mapping business; the recent acquisition of Alcatel-Lucent, and more.”

The new CFO is also a long-term Nokia employee, having joined the company in 1999.

Suri said of him: “He has expertise in all aspects of the CFO function, deep knowledge across our business in critical areas such as patent licensing and has been heavily involved in all key aspects of the Nokia transformation. Kristian’s track record, plus his close collaboration with Timo over many years, makes me confident that his transition into the role will be smooth and effective.”

ABB – formerly Asea Brown Boveri – has just reported revenues down 3% and profits down 2% in the third quarter. The company specialises in power engineering, including wind farms.