Finland-based technology company Nokia announced on Tuesday it has completed the staff talks about job cutbacks in Finland and 148 employees will either have to go or get a new job inside Nokia.

The cutbacks do not concern 5G development or the production plant in Oulu, northern Finland, said Nokia in its press release.

The plan of staff cutbacks was initially announced by Nokia in mid-January. The amount announced at that time was 180 employees. Nokia has 6,000 employees in Finland. Cutbacks require staff talks according to Finnish law.

The current downsizing is part of the savings drive announced in 2018 by the company. The aim then was to save 700 million euros (783 million U.S. dollars) annually by the end of 2020.

Nokia had said the global cost savings projects would proceed also in other countries and the measures and time tables would vary in line with local legislation and practice.

Nokia announced on Monday that its CEO Rajeev Suri is leaving the company and the new CEO will be Pekka Lundmark, currently the CEO of the Finnish state-majority owned energy company Fortum. Enditem