NSN shareholders make a further €1 billion investment in the company

Nokia and Siemens are to pump an additional €500 million (US$680 million) each into their challenged Nokia Siemens Networks (NSN) joint venture, boosting its capital by €1 billion and laying the grounds for the company to become an independent organisation.

As part of that process, the two companies also announced the appointment of Jesper Ovesen as executive chairman of the board of NSN, effective September 29.

Ovesen, 54, has held a number of senior management positions in leading European companies, including serving most recently as CFO at Danish telecommunications group TDC during the company’s restructuring process and initial public offering.

As executive chairman, Ovesen assumes a full-time role that the company said would come with a special emphasis on overseeing the strategic direction of NSN as it seeks to become a more independent entity.

Olli-Pekka Kallasvuo, who has served as non-executive chairman, has elected to step down from his position.