With the announcement of Nokia's new president and chief executive officer (CEO), the company also detailed its next strategy in the technology market.

Nokia appointed Rajeev Suri as the company's new president and CEO, effective May 1. With the appointment, the company revealed its long-term leadership targets in three key areas.

"The world of technology is on the verge of a change that we believe will be as profound as the creation of the internet" said Suri. "With our three strong businesses - Networks, HERE and Technologies - and position as one of the world's largest software companies, we are well placed to meet our goal to be a leader in the technologies for a world where everybody and everything is connected."

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Capitalizing on the three Nokia businesses, Suri added the vision is to be a technology leader "in a connected world and, in turn, create long-term shareholder value."

Suri stated, "Our goal is to optimize the company so that each business is best enabled to meet its goals. Where it makes sense to do so, we will pursue shared opportunities between the businesses, but not at the expense of focus and discipline in each."

With the Networks business of Nokia, formerly known as Nokia Solutions and Networks (NSN), which Suri was CEO prior to the new appointment, the company will invest in innovations of new products and services for telecommunications' wireless data traffic. Nokia noted the wireless data traffic among telecommunication operators have more than doubled every year. Nokia added its future investments will focus on mobile broadband and related services.

"Customers of our Networks business can have confidence that we will continue to make the investments necessary to deliver the innovation needed to help them build even stronger businesses," Suri said.

With the HERE business, Nokia want to better its location cloud for many different operating systems, platforms, and screens. The HERE business for Nokia will include investments in technology in smart and connected cars, cloud-based services with location intelligence especially for the wearable and special purpose-built devices market, and better business decisions.

The new Nokia president and CEO said, "Our view is that only one other company has location services that come close to the depth and breadth of those from HERE - and HERE has the advantage of being independent from any operating system or single business model."

The Technologies business will see Nokia develop its intellectual property licensing program, assist other companies or organizations with Nokia's innovations via licensing, and find new technologies for future products and services. Nokia noted its Technologies agency consist of "hundreds of world-class scientists and engineers," who have developed more than half of the company's latest patent filings.

"Nokia's industry leading intellectual property has the potential to create significant value for our licensees and our shareholders," said Suri. "With the strength of our Technologies team and continuing investment in advanced research and development, we can also drive new opportunities for Nokia in both business-to-business and consumer markets."

Nokia confirmed it will invest billions in research and development. In 2013, Nokia's businesses invested over EUR 2.5 billion. Next, the Nokia Board of Directors announced plans for a EUR 5 billon "capital structure optimization program which focuses on recommencing ordinary dividends, distributing deemed excess capital to shareholders, and reducing interest bearing debt."

"We believe our planned comprehensive EUR 5 billion capital structure optimization program enables Nokia to make quick and orderly progress towards a more efficient capital structure, and is aligned with the long-term interests of our customers and shareholders," said Nokia's Chief Financial Officer Timo Ihamuotila. "Together with our continued focus on solid business execution, these capital structure enhancements support our longer-term target to return to an investment grade credit rating, which would further affirm our long-term competitive strength and support our strategic objectives."

The strategy plan for Nokia comes after a busy time for the company. Nokia just completed its sale of their mobile division to Microsoft, the transition of former leaders, and the announcement of Suri.

"I look forward to working with the entire Nokia team as we embark on this exciting journey," said Suri, in regards to his announcement as the company's president and CEO.

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For the latest updates, follow Latin Post's Michael Oleaga on Twitter: @EditorMikeO or contact via email: m.oleaga@latinpost.com.

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