Timo Ihamuotila has quit as the CFO of Nokia after 15 years with the Finland-based company.

The vendor made the announcement as it unveiled third quarter financials that again suffered from falling wireless infrastructure sales.

Nokia's Senior Vice President, Corporate Controller, Kristian Pullola, will replace Ihamuotila, who leaves to take up the same role with ABB in Switzerland on 1 January.

Nokia CEO Rajeev Suri said: “Timo has helped make Nokia a stronger and better company, and he has my admiration.

"He was instrumental in the purchase of the Siemens share of Nokia Siemens Networks; the sale of Nokia's Devices & Services business to Microsoft; the divestment of HERE, our former mapping business; the recent acquisition of Alcatel-Lucent, and more.”

Nokia saw like-for-like revenues decline seven percent to €5.95 billion in the three months to September.

Sales at its networks arm were down 12 percent to €5.3 billion, but Nokia Technologies recorded revenue growth of 109 percent, reaching €353 million.

Operating profit declined by 18 percent to €556 million.

Nokia said a legal challenge from the French stock market authority over its offer for the remaining securities in Alcatel-Lucent that it does not yet own was “without merit”.

The company said it had spent an extra €560 million to reach the 95 percent ownership level of its former rival.

It hopes to acquire the remaining five percent next month.

Suri said: “When we announced our second quarter results in August, we said that we expected to see slight sequential improvement in both net sales and operating margin in the third quarter in our Networks business, and we delivered in both of those areas.

“I was particularly pleased with our operating margin performance in the quarter, which reflects the strong, focused execution across the organisation.

“We have the unique scope necessary to be able to design and deliver end-to-end networks and thus anchor ourselves in the long-term purchasing strategies of our customers.

“We also have the capability to diversify into new areas where high-performance, end-to-end networks are increasingly required, such as for large Internet and enterprise vertical market companies.”

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