Simon Beresford-Wylie is stepping down as chief executive of Nokia Siemens Networks and will be replaced by Rajeev Suri, head of the company’s services business, at the end of this month.

Mr Beresford-Wylie, who has been CEO since the formation of NSN in 2007, is leaving after a challenging few years. Like many of its rivals, the provider of telecommunications networking equipment has been battered by the downturn, and last November it cut 1,320 jobs. In February the company suffered a blow when it failed to win next generation telecoms contracts with Verizon in the US.