Nokia CEO Pekka Lundmark warned it faced a financially challenging 2021 with a need to pump further funds into 5G R&D, as he announced a sweeping restructuring of its business units and strategy to boost alignment with its customers.
Lundmark (pictured, right) said the overhaul of the business would see it scrap a strategy of providing “end-to-end solutions” across its units, in favor of a more focused approach where each business segment would have to be competitive in its own right, both in terms of market position and profitability.