Nokia Corp (ADR) (NYSE:NOK) has announced changes in its top management, with the resignation of the company CFO, TimoIlhamuotila. However, he would continue in his current position, until the end of this year, while also serving as an advisor, until February 28, 2017. The company stated that Mr. Ilhamuotila would be leaving to join ABB in Switzerland. He would be replaced by Nokia’s current senior VP, KristianPullola. She would also replace the outgoing CFO as a member of the Group Leadership team.

The CEO of Nokia, Rajeev Suri, claimed that Mr. Ilhamuotila had helped the company become better and stronger in the past, for which he is admired. He also claimed that the CFO was responsible for a number of instrumental milestones, including the purchase of Siemens share, in the Nokia Siemens Network and the sale of its Devices and Services business to Microsoft, among others. Mr. Suri also pointed out that Mr. Ilhamuotila has been the CFO for the last 7-years and been with the company since 1999 and he understands the CFO’s desire for a new challenge.

Earlier on Thursday, NOK filed its financial statements for the 3Q2016, recording $5.9 billion, a 94% increase on a year-over-year basis. However, the company’s gross margins declined from 43.3% in the preceding year, to 37.6% in the 3Q2016. Net loss for the quarter was $133 million, as compared to a net profit of $188 million, during the 3Q2015. The improvement in sales was mainly attributed to Nokia’s Technologies business, which grew 109% year-on-year, whereas its Network business declined by 12%, over the same period.

In its quarterly report Nokia provided updates on its plans to expand into the Chinese market. The company stated that it was conducting negotiations with China Huaxin Post & Telecommunication Economy Development Center, so as to combine its telecommunications business in China. The discussions also cover a proposed joint venture between Alcatel-Lucent and Shanghai Bell. It should be noted here that Nokia and China Huaxin are working under anMoU and a definitive agreement is yet to be reached.

Nokia Corp (ADR) (NYSE:NOK) closed at a share price of $4.56, at the end of the October 28 trading session, 3.59% lower than the day before.