For Immediate Release: WASHINGTON, DC — April 8, 2021 — MiVu® President and CIO, Padraic McFreen, today, attended Nokia Corporation’s Annual General Meeting held virtually from the company’s headquarters in Espoo, Finland. During his previously recorded presentation, Nokia President and CEO, Pekka Lundmark, formally announced his “three-phase” plan to effectively turn around the telecommunications equipment company: 1) ongoing reset; 2) accelerate competitiveness and profitability, then, 3) scale up to drive growth.
CEO Pekka Lundmark, in confident fashion, announced the company’s focus on three critical network areas: “Next generation access; Connected digital enterprise; and Network performance and cost per bit.” Lundmark assured shareholders that Nokia is “the trusted partner for critical networks,” aiming for “technology leadership” in their chosen segments, capturing “the value shift to cloud and new business models” and creating “value with long-term research and intellectual property.”
MiVu® President, Padraic McFreen, praised Pekka Lundmark’s plan following his attendance of the company’s General Meeting, stating “Nokia’s new CEO has been handed a very difficult turnaround situation, given the multitude of Nokia Misfires, beginning with the Alcatel-Lucent acquisition. Once the ink was dry on that deal, his predecessor, Rajeev Suri, quickly realized the “bet on Bell Labs” wasn’t a good one. That conclusion was reinforced by the misread of market conditions and market forces which led to missing the mark again with the field programmable gate array (FPGA) silicon chip.” Padraic McFreen continued by giving the Bell Labs team a bit of a pass on that miss. “Bell Labs has a rich history of innovation; however, given the manner in which the lab was forced to implement technology it had not innovated, there was obviously a substantial amount of guess work this time around. Indeed, I am very excited about Nokia’s plan to achieve and sustain profitability.”
For MiVu® President Padraic McFreen’s complete comments, contact Anne. A. Daniel.