Life at Nokia: Massive layoffs, executive shuffling, lower Q2 profit forecasts
- execs Nokia Chief Marketing Officer Jerri DeVard, Executive Vice President of Mobile Phones Mary McDowell, and EVP of Markets Niklas Savander will all be shown the door, effective June 30.
- layoffs The company will layoff approximately 10,000 employees, primarily as a result of plant closures in Canada and Germany, as well as cutbacks to the company’s Devices & Services division.
- profits Nokia also announced that the layoffs and executive shuffling would mean lower Q2 profits than anticipated. Expected restructuring costs of €1 billion for Q2 tripled to €3 billion. source
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