On Tuesday, the joint venture between Nokia and Siemens -- appropriately named Nokia Siemens Networks -- announced that Chief Financial Officer Marco Schroeter is leaving the company "with immediate effect." He had been with the company since March 2011.
No explanation was given for Schroeter's departure in the press release. CEO Rajeev Suri was quoted in the release as thanking Schroeter for his contributions and wishing him well.
Nokia Siemens moved quickly to name a replacement: Chief Operating Officer Samih Elhage, who will now become the company's CFO. The position of COO is going to be eliminated.
Elhage joined Nokia Siemens Networks from private equity in March 2012, and has worked in telecom for more than 23 years in both financial and operational roles, including as an exec at now-defunct Nortel.
The article Nokia Siemens Networks Replaces CFO originally appeared on Fool.com.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.