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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Struggling Nokia revamps management team again Reuters - Wednesday, May 12 Send IM Story Print A man rests near a Nokia display at the Mobile World Congress in Barcelona February 17, 2010 file photo. Slideshow: Full Photo Coverage: Personal Technology By Tarmo Virki, European technology correspondent HELSINKI - Top cellphone maker Nokia Oyj revamped its management team for the second time in seven months, placing veterans in two key roles to revive its core business units and fend off rivals like Apple Inc. Nokia's management has been under increasing criticism from analysts and shareholders as its share price has missed the market's recovery, and the firm's profits are set to miss the economic upturn this year as its smartphone portfolio flounders. Sales chief Anssi Vanjoki will lead a new business unit, which will include company's smartphones and services operations, while Mary McDowell will take over the company's key mobile phones unit from Rick Simonson, who will retire. Nokia's U.S. shares were down 1.2 percent at $11.10 on the New York Stock Exchange at 1700 GMT. In comparison the Nasdaq Composite Index was up 1 percent. In Helskinki they closed down 1.1 percent. "It is really surprising how often Nokia is reorganizing management ... investors should be worried about the pace," said Swedbank analyst Jari Honko. Nokia has long said it aims to shift executives around to keep management fresh, but the timing of Nokia's latest reshuffle having carried out a similar revamp last October reflects the steep challenges facing the group. "Nokia is doing this to show investors that they understand -- speed is the key. Getting anyone from outside would have taken too long," said analyst Carolina Milanesi at consultancy Gartner. Nokia has not been able to make a serious challenge to Apple's iPhone in the three years since it was introduced. Its last hit smartphone model, the N95, was unveiled in 2006. Hurt by recession and weak portfolio, Nokia's revenue fell 19 percent last year, while operating profit dropped 76 percent. The value of the company's brand -- one of its key assets -- dropped 58 percent in just one year, according to a global study by Millward Brown. Nokia has started to build a new business by offering Internet services ranging from music downloads to e-mail, but these have so far won few paying customers. Recommend Send IM Story Print Related Articles Yahoo! increases US search share, Bing up again AFP - 18 minutes ago Twitter co-founder launches new venture: Square AFP - 2 hours 5 minutes ago Congress to tackle high-tech trading AFP - 2 hours 15 minutes ago US-TECH Summary Reuters - Wednesday, May 12 Apple questions Android smartphone surge Reuters - Wednesday, May 12 News Search Top Stories India's Viswanathan Anand wins world chess title Scientists stunned as grey whale sighted off Israel US economic worries spark calls for swift euro action Berlusconi to pay ex 300,000 euros a month: reports Earth may be too hot for humans by 2300: study More Top Stories » Related Full Coverage Personal TechnologyMobile phones & personal gadgets All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended UN fears 'irreversible' damage to natural environment Lack of sleep linked to early death: study Earth may be too hot for humans by 2300: study BP hopes 'top hat' will succeed where dome failed US regulators move to avert new stock market free-fall More Most Viewed » Aliens may exist but contact would hurt: Hawking Lack of sleep linked to early death: study Freddie Mac asks for fresh 10.6 billion dollar bailout French driving veil row escalates UN fears 'irreversible' damage to natural environment More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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