Nokia names Rajeev Suri as CEO

Nokia has named Rajeev Suri as its CEO as the firm looks to expand into networking and mapping services.

Suri joined Nokia in 1995 and has been heading up the Finnish company's network equipment division, Nokia Solutions and Networks (NSN), since October 2009. The appointment comes following the departure of previous CEO Stephen Elop, who moves on to an executive vice president role at Microsoft devices.

Interim CEO Risto Siilasmaa noted has gone on record stating that Suri has "a proven ability to create strategic clarity, drive innovation and growth, ensure disciplined execution and deliver results."

Siilasmaa will return to his previous post of chairman when Suri takes over on 1 May.

Following the sale of its flagship devices division to Microsoft, Nokia has said that it will be turning its attention to networking, mapping, the development of technology and licenses, with an expectation that billions of devices will need to be interconnected in the future.

The potential profitability of the new networking strategy was a key part of Suri's statement on the matter.

"With the strength of our Technologies team and continuing investment in advanced research and development, we can drive new opportunities for Nokia in both business-to-business and consumer markets," the CEO noted.

NSN will be phased out over time, according to the firm, bringing the networks wing of the business under the umbrella Nokia brand name.

The company plans to pay $2.2 billion (1.3 billion) in dividends until 2015 with an eye to a $3 billion (1.8 billion) debt reduction by the end of the second quarter of 2016.

Timo Ihamuotila, CFO, said in a statement: "Together with our continued focus on solid business execution, these capital structure enhancements support our longer-term target to return to an investment grade credit rating, which would further affirm our long-term competitive strength and support our strategic objectives."