Sonera Corporation today announced Juha Varelius, a member of Sonera’s Executive Management Team and Head of its Products and Services layer, has stepped down and that Yahoo Europe has appointed him vice president and managing director of Yahoo! Mobile, based in London. Mr. Varelius continues for the present as CEO of Sonera Zed Ltd., a joint venture between Sonera (85%) and Yahoo (15%). Anni Vepsäläinen, a member of Sonera’s Executive Management Team and Head of Human Resources and Competencies, will also take on the role of Acting Head of Sonera‘s Products and Services.

Insight

The agreement with Sonera, announced at the beginning of August, provides Yahoo with the option of increasing its 15% stake in Zed to as much as 100% over two years. However, if performance targets are not met, Yahoo can also withdraw from the transaction entirely. The transfer of Mr Varelius to a strategic position at the head of Yahoo’s European mobility business confirms that Yahoo is serious about its commitment to Zed and sees the business as the core of its European operations.