Nokia revealed on Monday that its Chief Operating Officer, Monika Maurer will be quitting the telecom network equipment maker after just eight months on the job.
The company hinged the decision on its dwindling performance in the technology market amidst tough competition.
Maurer will be replaced by Joerg Erlemeier, currently a senior vice president for Nokia Transformation, effective immediately.
Maurer was promoted to group COO in April, from COO of fixed networks, after Nokia’s head of mobile networks Samih Elhage announced his departure from the company and the group said it would break out services as a distinct business group from mobile networks.
According to a statement by Nokia, Monika Maurer will complement Erlemeier during a transition period and then will leave the company to seek better opportunities outside the company.
The telecom network equipment industry is passing through the toughest part of a decade-long cycle, as demand for 4G and older 2G and 3G network equipment subsides, while demand for next-generation 5G networks remains a few years away.
The company's shares lost almost a fifth of their value after they reported a sharp drop in earnings in October, citing weak overall market and internal problems following its 2016 acquisition of Alcatel-Lucent.
Nokia shares declined 0.6 percent in early trade.
