(Reuters) – Finnish telecoms gear maker Nokia <NOKIA.HE> has decided to split the chief operating officer’s functions among other leaders, it said on Monday, leaving company veteran Joerg Erlemeier without a job.
Erlemeier, who has has been with the company for 25 years and served as chief operations officer for the past two years, was responsible for global operations and procurement, the overall operating model and implementation of cost savings, among other functions.
Last month Nokia cut its outlook for this year and next because of the need to step up investment in 5G, sending its share price down by a third.
It also suspended dividend payments to conserve cash and pledged to speed the introduction of new 5G chipsets.
(Reporting by Tarmo Virki; Editing by David Goodman)