Nokia Slashing 10,000 Jobs, Juggling Executives

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Embattled mobile phone maker Nokia has revealed some radical restructuring as it tries to secure its future. The firm is ditching up to 10,000 staff by the end of next year as it closes facilities in Germany, Canada, and its homeland of Finland in a move to reduce its annual cost of running its Devices & Services division to only €3 billion compared to the 2010 figure of €5.3 billion. Three new senior executives have been appointed in its Operations, Mobile Phones, and Marketing divisions, along with two other new appointments and three existing senior executives have been moved out of the leadership team. Nokia is also committed to doubling down on its smartphone efforts, and will broaden the price range of its new Lumia range of Windows devices. It's also sold its premium phone business Vertu to EQT VI, a private equity group, for €1 billion. Nokia has recently been in the headlines for burning through cash as it loses money on weak sales.

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