14 DAY TRIAL // Finnish mobile phone maker Nokia announced on Thursday a series of changes regarding executive positions within the company. According to the handset vendor, starting with April 1, 2010, the company's Human Resources will have Juha Akras as Executive Vice President, who will also become a member of the Group Executive Board. Currently, Akras serves as Senior Vice President, co-heading Human Resources with Hallstein Moerk, who is Executive Vice President of Human Resources at the moment.
According to Nokia, Hallstein Moerk will step down from its current position as head of HR at the end of March, 2010, as part of his transition to retirement. At the same time, the leading mobile phone maker notes that Moerk has been the leader of Human Resources at Nokia for the past eleven years. He will also leave the Nokia Group Executive Board at the end of March, and will act as Executive Advisor in Nokia until his retirement at the end of September 2010.
Nokia CEO, Olli-Pekka Kallasvuo, commented, “Hallstein Moerk has been heading Human Resources at Nokia for eleven successful years. His vision and ideas have been the driving force behind many of the reforms and innovations that have ensured Nokia has developed a world-class human resources function and people practices, with a strategic role in increasing the company's competitiveness. Juha Äkräs has extensive business experience, in both global and regional roles, in addition to his more recent role co-heading Human Resources with Hallstein. He is therefore the ideal person to continue to drive excellence in Human Resources at Nokia.”
In addition to the new executive changes, Nokia announced that its Board of Directors approved the Nokia Equity Program 2010, which includes in its structure the following: - Performance Shares - offered as the main equity-based incentive to approximately 4 500 employees; - Stock options - used in conjunction with performance shares on a limited basis for senior managers; and - Restricted Shares - granted on a highly selective basis to high potential and critical employees.
Nokia notes that the Equity Program 2010, the same as the programs from the previous years, is focused on “attracting, retaining and motivating critical talent.” Moreover, it is also aimed at aligning potential value received by participants directly with the long-term performance of Nokia, aligning their interest with those of Nokia's shareholders. “Nokia's balanced approach and use of the performance-based plan as the main long-term incentive vehicle effectively contribute to the long-term value sustainability of the Company and ensure that compensation is based on performance,” the company notes in the press-release announcing the approval of the program.