Top Nokia executive named President of Kone Corporation

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Matti Alahuhta, the Chief Strategy Officer of mobile handset maker Nokia, has been named the new President of elevator and escalator manufacturer Kone.
      Kone Corporation is about to be split into two separate companies, and Alahuhta will head the elevator and escalator business after the demerger process. The cargo moving and loading operations of Kone Cargotec will form the second new company.
      Alahuhta succeeds Manfred Eiden, who will return to Germany for family-related reasons. Alahuhta's term officially begins in January 2005.
     
Alahuhta's new responsibilities will include preparing and implementing Kone's development and restructuring programme. The details of the streamlining measures will be published by the end of March. The target operating profit of the company is twelve percent of net sales, with the figure currently at below ten percent.
      "I have a long history in the business sector, but at Kone, I have the opportunity to work as the President of a listed company for the first time" , Alahuhta explained at the press conference on Monday.
      "I have held key positions at Nokia for nearly 20 years, and have been on the Group Executive Board for twelve years. I thought this would be a good moment to accept a new challenge and make way for young talent."
     
Alahuhta was "discovered" by Kone Chairman and CEO Antti Herlin.
      "We believe that Matti Alahuhta brings extensive and global know-how which, coupled with Kone's strengths, will support the company's competitiveness and market position," Herlin commented.
      At Nokia, Alahuhta was first responsible for the network business, then later for mobile handsets. He was part of the core management team that turned Nokia into a world-class mobile handset manufacturer. He has earned over 40 million euros through Nokia's executive stock options.


Links:
  Kone press release

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