On Thursday, Nokia announced that its venture into the digital health business has come to an end. Eric Carreel, a former chairman of the operation, bought the activity trackers and smartwatch business from Nokia after a tumultuous year for this Nokia department.
This move comes after Gregory Lee had taken lead of the Nokia Technologies unit last year. A former Samsung executive, he pulled Nokia away from the business alongside a virtual camera enterprise, focusing more on patent and brand licensing. Lee will be leaving the job after less than a year.
Nokia CEO Rajeev Suri has said in a statement that “Gregory came to Nokia… and took the bold decision to refocus Nokia Technologies on licensing… We have agreed that his work at Nokia is done.”
Nokia started this venture in 2016 when it purchased French health electronics company Withings for $199 million. An internal memo in February showed that the health business did not meet Nokia’s profit expectations.
Though the exact figures have not been given, the digital health and virtual camera products generated 52 million Euros in sales in 2017, but that pales in comparison to Nokia’s total of 23.2 billion Euros.
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