European vendor Nokia Siemens Networks (NSN) has selected its COO Samih Elhage to become its new CFO.
Elhage replaces Marco Schroeter – who leaves NSN with immediate effect – and will report to CEO Rajeev Suri.
No reason for Schroeter’s…
European vendor Nokia Siemens Networks (NSN) has selected its COO Samih Elhage to become its new CFO.
Elhage replaces Marco Schroeter – who leaves NSN with immediate effect – and will report to CEO Rajeev Suri.
No reason for Schroeter’s departure was given. In a statement Suri wished “him well in the next steps of his career”.
Elhage joined Finland-headquartered NSN in March last year and was instrumental in driving restructuring, the company said in a statement.
In relation to the appointment the multinational joint venture has chosen to scrap the COO role, which it only created last year with Elhage being the first and only person to hold the position.
The new CFO has more than 23 years of experience in telecoms, in both financial and operational roles.
“Samih has made significant contributions in his role as chief operating officer and is well prepared to step into the role of CFO,” said Suri.
“He has deep commercial skills and a strong command of company financials – competencies built over the years as an operating executive at Nortel and as a senior advisor to leading private equity and global management consulting firms.”
NSN, a joint venture between Finland’s Nokia and Germany’s Siemens, has undertaken a restructuring of its business to reduce costs and offload assets.
Last month it was reported that the company was planning to issue €700m in high-yield notes to pare its debt, but this is yet to happen.
