Nokia and Siemens announced they will each invest another EUR 500 million in their network equipment joint venture Nokia Siemens Networks B.V.

The announcement follows an unsuccessful search for potential private equity or other investors in the loss-making company. The shareholders also announced the appointment of Jesper Ovesen as executive chairman of NSN, effective immediately. He will oversee the strategic direction of Nokia Siemens Networks “as it seeks to strengthen its position as a leader in the industry and become a more independent entity”, the companies said. He will work closely with NSN CEO Rajeev Suri and his management team. Ovesen, 54, served most recently as CFO at Danish operator TDC during the company’s restructuring process and IPO.

Olli-Pekka Kallasvuo, who has served as non-executive chairman at NSN, has elected to step down from his position as serving in a full-time capacity was not possible.