Nokia is planning to appoint its former networks chief Sari Baldauf as chairman, succeeding Risto Siilasmaa.

Risto Siilasmaa will be stepping down from the company after eight years.

Baldauf, 64, had headed Nokia’s networks unit between 1998 and 2005 and currently sits on the board of Nokia. Her appointment comes after shareholder’s approval at the group’s annual general meeting in April 2019.

The appointment will come at a time when Nokia has suspended dividend payments to conserve cash and pledged to speed up the introduction of new 5G chipsets.