This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Nokia Siemens Latest Telco to Swap CEOs

Stocks in this article: NOK

Nokia Siemens Networks is swapping out its CEO, becoming the latest telecom giant to undergo a major leadership change.

The wireless specialist announced Tuesday that Simon Beresford-Wylie is stepping down as CEO, a little over two years since leading the creation of the Nokia Siemens joint venture. The company's services chief, Rajeev Suri, will take the Nokia Siemens reins from Beresford-Wylie on Oct. 1, it said.

In the last 12 months, Alcatel-Lucent (ALU) and Ericsson (ERIC) have also appointed new CEOs, highlighting the rapid pace of change in the telecom sector.

Beresford-Wylie had told the Nokia Siemens board of his desire to depart "at the appropriate time" and is now heading off to pastures new, according to a company statement released early Tuesday.

"I respect his decision to pursue opportunities in a new industry after 27 years in the telecommunications infrastructure sector," said Olli-Pekka Kallasvuo. "He leaves a remarkable legacy as the architect of Nokia Siemens Networks."

Nokia Siemens did not reveal the identity of Beresford-Wylie's new employer but confirmed that he will support the 41-year-old Suri during a transition period through Nov. 1.

Beresford Wylie, who has been at Nokia since 1998, is credited with nursing the company through its infancy, as well as guiding it through the recession. The CEO, however, was also involved in the failed attempt to buy part of Nortel's (NT) wireless business, which was seen as a shot in the arm for Nokia Siemens' North American operation. The Finnish firm ultimately lost out to Ericsson in the tussle for Nortel's Code Division Multiple Access and Long Term Evolution (LTE) assets.

Despite a cloudy economic climate, Nokia Siemens has kept itself busy forging alliances and launching new products. In July, for example, the wireless company created a joint venture with networking specialist Juniper (JNPR) to target the carrier Ethernet market. This came hot on the heels of a partnership with storage giant EMC (EMC) to create joint products for telecom service providers.

In an interview with The Wall Street Journal the new Nokia Siemens CEO said that he sees good opportunities in the services sector, particularly after its recent deals with France Telecom and Orange.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs