Nokia has spent the past six weeks reshaping key parts of its leadership structure, from the board and management team to its largest business unit.

Between its April AGM and today’s appointment of Emma Falck as president of mobile infrastructure, the Finnish telecom company refreshed its board, expanded its leadership team, and named a new leader for its biggest business segment.

Individually, the changes look incremental. Together, they suggest Nokia is positioning itself for a more AI-driven phase of network infrastructure. 

Falck’s appointment is the clearest signal yet. She will take over mobile infrastructure on 1 September and join the group leadership team, moving from Siemens, where she most recently served as executive vice president, products, smart infrastructure buildings. The unit she inherits is not peripheral. Mobile Infrastructure remains Nokia’s largest business and the division most exposed to competitive pressure from Ericsson and Huawei.

The choice to recruit externally matters. Rather than selecting a longtime telecom executive, Nokia chose a leader whose background spans industrial automation, operational transformation, software, and large-scale systems businesses. That choice aligns with Nokia’s recent emphasis on operational execution and software-led infrastructure.

Why Nokia chose an outsider

Falck’s background combines technical depth, international operational experience, and transformation management. Before Siemens, she spent five years as a partner and managing director at Boston Consulting Group. Earlier, she held senior roles at KONE, including responsibilities tied to the Greater China market. She also holds a PhD in engineering physics from Aalto University.

The emphasis from both Falck and Hotard was notably operational rather than visionary. “As AI moves toward physical AI, networks need to become AI-native by design for both 5G Advanced and 6G,” Hotard said in Nokia’s announcement.

Falck framed the challenge even more directly. “Customers need partners who can deliver with speed and predictability, and turn technology roadmaps into real-world performance.”

That framing reflects how Nokia has recently positioned its infrastructure business. Alongside network performance and scale, the company has increasingly emphasized software-led infrastructure, AI-native networks, automation, and operational execution in both its leadership messaging and recent product announcements.

Rather than presenting AI as a standalone product category, Nokia has increasingly framed it as part of how future networks will be designed, managed, and monetized. That ambition has become visible across several recent moves, including Nokia’s 12 May 2026 launch of agentic AI capabilities for home and broadband networks.

At Mobile World Congress in March, Nokia and Telia announced a collaboration around AI-RAN commercialization, targeting industrial and mission-critical use cases. Earlier the same month, Nokia expanded its long-running relationship with Virgin Media O2 through a multi-year 5G RAN agreement in the UK. The company has also continued investing in data center networking and software-led infrastructure.

Its new 55,000 square meter “Home of Radio” campus in Oulu, opened last year, is designed to centralize R&D and manufacturing around future network technologies. Meanwhile, the company’s Aurelis data center management platform reflects a broader push into software-defined infrastructure with lower power consumption and fewer hardware dependencies.

A broader leadership reset

These are not disconnected initiatives. The company’s recent investments, partnerships, and leadership changes increasingly point in the same direction.

“The internet supercycle fundamentally redefined networks from voice-centric to data-centric,” Hotard said in an earlier internal message. “As we begin the AI supercycle, I believe we will see a similarly radical transformation.” Nokia’s recent leadership and infrastructure decisions increasingly align with that broader framing of AI-driven network transformation.

At Nokia’s AGM in April, Timo Ihamuotila formally became chair of the board, with SAP executive Thomas Saueressig appointed vice chair. Meredith Whittaker, known internationally for her work on AI governance and digital ethics, also joined the board. Earlier in April, Kristen Pressner entered Nokia’s leadership team as chief people officer.

Taken together, the changes point to a company expanding the range of experience around its leadership table, particularly in software, AI, enterprise technology, and organizational transformation.

That matters because Nokia’s challenge increasingly extends beyond technology itself. The company already possesses much of the engineering capability required to compete in advanced network infrastructure. The harder question is whether it can consistently translate technical capability into stronger execution, software-led revenue growth, and commercial momentum.

Falck’s background in industrial technology and operational leadership appears aligned with that broader focus on execution and scalability.

Her experience at Siemens and KONE exposed her to businesses where industrial reliability, software integration, and operational predictability matter as much as product innovation. Those pressures are becoming more relevant for telecom infrastructure providers as networks become increasingly software-defined and AI-dependent.

The recent changes also extend beyond operations and technology. Nokia’s recent share transfers tied to long-term incentive programs, alongside its substantial remaining treasury share position, suggest a company preparing for a multi-year transformation cycle rather than a short-term reset.

The leadership structure now looks materially different from where Nokia started the year.

The next test is execution

Nokia’s technology roadmap is increasingly clear. The harder test is whether the company can translate that roadmap into faster deployments, more software-led revenue, and stronger commercial momentum before competitors do the same.

Falck joins Nokia as the company continues reshaping its leadership structure around AI, software, and operational execution.

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Leaders

Nokia picks Siemens exec Emma Falck to lead mobile infrastructure amid broader leadership reset

Nokia picks Siemens exec Emma Falck to lead mobile infrastructure amid broader leadership reset

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5 min read

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Credit: Nokia, Emma Falck

Credit: Nokia, Emma Falck

Nokia has spent the past six weeks reshaping key parts of its leadership structure, from the board and management team to its largest business unit.

Between its April AGM and today’s appointment of Emma Falck as president of mobile infrastructure, the Finnish telecom company refreshed its board, expanded its leadership team, and named a new leader for its biggest business segment.

Individually, the changes look incremental. Together, they suggest Nokia is positioning itself for a more AI-driven phase of network infrastructure. 

Falck’s appointment is the clearest signal yet. She will take over mobile infrastructure on 1 September and join the group leadership team, moving from Siemens, where she most recently served as executive vice president, products, smart infrastructure buildings. The unit she inherits is not peripheral. Mobile Infrastructure remains Nokia’s largest business and the division most exposed to competitive pressure from Ericsson and Huawei.

The choice to recruit externally matters. Rather than selecting a longtime telecom executive, Nokia chose a leader whose background spans industrial automation, operational transformation, software, and large-scale systems businesses. That choice aligns with Nokia’s recent emphasis on operational execution and software-led infrastructure.

Why Nokia chose an outsider

Falck’s background combines technical depth, international operational experience, and transformation management. Before Siemens, she spent five years as a partner and managing director at Boston Consulting Group. Earlier, she held senior roles at KONE, including responsibilities tied to the Greater China market. She also holds a PhD in engineering physics from Aalto University.

The emphasis from both Falck and Hotard was notably operational rather than visionary. “As AI moves toward physical AI, networks need to become AI-native by design for both 5G Advanced and 6G,” Hotard said in Nokia’s announcement.

Falck framed the challenge even more directly. “Customers need partners who can deliver with speed and predictability, and turn technology roadmaps into real-world performance.”

That framing reflects how Nokia has recently positioned its infrastructure business. Alongside network performance and scale, the company has increasingly emphasized software-led infrastructure, AI-native networks, automation, and operational execution in both its leadership messaging and recent product announcements.

Rather than presenting AI as a standalone product category, Nokia has increasingly framed it as part of how future networks will be designed, managed, and monetized. That ambition has become visible across several recent moves, including Nokia’s 12 May 2026 launch of agentic AI capabilities for home and broadband networks.

At Mobile World Congress in March, Nokia and Telia announced a collaboration around AI-RAN commercialization, targeting industrial and mission-critical use cases. Earlier the same month, Nokia expanded its long-running relationship with Virgin Media O2 through a multi-year 5G RAN agreement in the UK. The company has also continued investing in data center networking and software-led infrastructure.

Its new 55,000 square meter “Home of Radio” campus in Oulu, opened last year, is designed to centralize R&D and manufacturing around future network technologies. Meanwhile, the company’s Aurelis data center management platform reflects a broader push into software-defined infrastructure with lower power consumption and fewer hardware dependencies.

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A broader leadership reset

These are not disconnected initiatives. The company’s recent investments, partnerships, and leadership changes increasingly point in the same direction.

“The internet supercycle fundamentally redefined networks from voice-centric to data-centric,” Hotard said in an earlier internal message. “As we begin the AI supercycle, I believe we will see a similarly radical transformation.” Nokia’s recent leadership and infrastructure decisions increasingly align with that broader framing of AI-driven network transformation.

At Nokia’s AGM in April, Timo Ihamuotila formally became chair of the board, with SAP executive Thomas Saueressig appointed vice chair. Meredith Whittaker, known internationally for her work on AI governance and digital ethics, also joined the board. Earlier in April, Kristen Pressner entered Nokia’s leadership team as chief people officer.

Taken together, the changes point to a company expanding the range of experience around its leadership table, particularly in software, AI, enterprise technology, and organizational transformation.

That matters because Nokia’s challenge increasingly extends beyond technology itself. The company already possesses much of the engineering capability required to compete in advanced network infrastructure. The harder question is whether it can consistently translate technical capability into stronger execution, software-led revenue growth, and commercial momentum.

Falck’s background in industrial technology and operational leadership appears aligned with that broader focus on execution and scalability.

Her experience at Siemens and KONE exposed her to businesses where industrial reliability, software integration, and operational predictability matter as much as product innovation. Those pressures are becoming more relevant for telecom infrastructure providers as networks become increasingly software-defined and AI-dependent.

The recent changes also extend beyond operations and technology. Nokia’s recent share transfers tied to long-term incentive programs, alongside its substantial remaining treasury share position, suggest a company preparing for a multi-year transformation cycle rather than a short-term reset.

The leadership structure now looks materially different from where Nokia started the year.

The next test is execution

Nokia’s technology roadmap is increasingly clear. The harder test is whether the company can translate that roadmap into faster deployments, more software-led revenue, and stronger commercial momentum before competitors do the same.

Falck joins Nokia as the company continues reshaping its leadership structure around AI, software, and operational execution.

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Authors

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Devdatta Temgire is a data and business analyst at Listeds. He contributes research, data analysis, and pattern detection to the publication’s coverage of Nordic-listed companies, with a focus on board composition, leadership transitions, and financials. He holds an honors degree in artificial intelligence and data science alongside a bachelor’s in computer engineering, and previously worked at KPMG.

Devdatta Temgire is a data and business analyst at Listeds. He contributes research, data analysis, and pattern detection to the publication’s coverage of Nordic-listed companies, with a focus on board composition, leadership transitions, and financials. He holds an honors degree in artificial intelligence and data science alongside a bachelor’s in computer engineering, and previously worked at KPMG.

Authors

Journalist

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Devdatta Temgire is a data and business analyst at Listeds. He contributes research, data analysis, and pattern detection to the publication’s coverage of Nordic-listed companies, with a focus on board composition, leadership transitions, and financials. He holds an honors degree in artificial intelligence and data science alongside a bachelor’s in computer engineering, and previously worked at KPMG.

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Executive Intelligence

Nineteen of 32 Helsinki large caps raised board fees this spring, and none cut

Board pay at Helsinki's large caps went one way this spring. Nineteen of the 32 boards raised their chair fee at the 2026 annual general meetings, 13 kept it unchanged, and none cut any fee.

Most raises were modest. Counting the boards that held, the typical chair fee rose 2.8%. Among the 19 boards that raised it, the typical increase was 5.2%. Eight raised it by less than 5%, seven by between 5% and 10%, and four by 10% or more.

Nineteen of 32 boards raised the chair fee; none cut it
Helsinki large caps by change in the annual chair fee, 2026 AGM against 2025
03691215Number of companies13Unchanged8Under 5%75% to under 10%410% or more
SSAB and Telia changes measured in kronor.
Source: Listeds board remuneration data, AGM resolution releases 2025 and 2026

Neste, Fortum and Sanoma made the biggest raises

Neste moved furthest. Its chair fee rose 18.2%, from €165,000 to €195,000, and its member fee 10.7% to €83,000. Fortum raised its chair fee 12.9%, from €155,000 to €175,000. Sanoma raised its chair fee 11.1% to €160,000, and its vice chair fee 19.0%, from €84,000 to €100,000, the biggest increase for any board role in the segment (Sanoma AGM release).

The fourth raise of 10% or more was Nordea's, which took its chair fee to €440,000, level with Nokia. Part 1 of this series looked at that move in detail.

The raises were spread across the table, not just among low payers

This was not a round of low-paying boards catching up. A year earlier, the boards that went on to raise their chair fee and the boards that held it had the same typical chair fee, €160,000.

At the very top, most boards held. Nokia, UPM, Stora Enso and KONE, four of the six highest payers, left every fee unchanged.

Board members got similar raises to their chairs

The rest of the board was not left behind. Nineteen boards also raised the fee for ordinary members. At the boards that raised fees, the typical increase was 5.2% for the chair, 5.3% for the vice chair and 4.4% for members, so the gap between the roles hardly changed.

In total, the chairs of the 32 large caps are now paid about €5.6 million a year, roughly €205,000 more than in 2025.

Executive Intelligence

Nordea catches Nokia at the top of Helsinki board pay

Nordea raised its chair fee by 10% this spring, to €440,000 a year. Its chair is now paid exactly as much as Nokia's, and both earn far more than the chair of any other Helsinki large cap.

A year ago Nordea paid its chair €400,000, the second-highest fee in the segment. This year's annual general meeting added €40,000. Nokia kept its chair fee unchanged at €440,000.

The gap to the rest is wide. The third-highest chair fee is Sampo's €250,000, followed by UPM at €240,000. The typical large cap chair earns €166,500, so Nordea and Nokia pay their chairs about 2.6 times as much.

Nordea now pays its chair as much as Nokia
Ten highest annual chair fees among Helsinki large caps, 2026 AGMs
Nokia€440,000Nordea€440,000Sampo€250,000UPM€240,000Stora Enso€221,728KONE€220,000Wärtsilä€212,000SSAB*€203,700Telia*€199,500Neste€195,000€0€100k€200k€300k€400k€500k€600k
*Set in SEK, converted at the ECB reference rate on the AGM date (SEK 10.8485 per euro for SSAB on 28 April 2026; SEK 10.8765 for Telia on 9 April 2026) and rounded to the nearest €100.
Source: Listeds board remuneration data, AGM resolution releases 2026

Nordea gave its chair a bigger raise than the rest of its board

The rest of the Nordea board received smaller raises. Ordinary members went up 3.1%, to €115,500, and the vice chair 5.6%, to €190,000. As a result, Nordea's chair now earns 3.8 times what an ordinary board member earns, up from 3.6 times a year ago. No other large cap has a wider gap between its chair and its members.

Nokia pays every board seat at the top of the market

Nokia spreads its money differently. An ordinary member of the Nokia board earns €185,000 a year, more than the chair is paid at 21 of the 32 large caps. Nokia's vice chair earns €210,000, the highest vice chair fee in the segment. Nordea pays most for the chair; Nokia pays the most, or joint most, for every seat.

The top fee has not risen, but two boards now pay it

For nomination boards preparing next year's proposals, the highest chair fee in Helsinki has not moved: Nokia already paid €440,000 in 2025. What has changed is that it is no longer a single outlier. Two of the largest boards in the market now pay the same top fee, and no other board comes close.

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