Nokia, the world's biggest mobile phone maker, said Friday it had appointed a new financial officer a day after reporting its first loss in a decade.

The company said Timo Ihamuotila would replace Rick Simonson, taking up his post on November 1. Simonson will become head of Nokia's Mobile Phones division and both men will continue as members of the group executive board.

The Finnish company shocked markets on Thursday with its reported loss, which came in the face of rising competition in the smartphone market and problems with its Nokia Siemens Networks joint venture.

Nokia's July-September net loss was 559 million euros (834 million dollars).

Nokia said Ihamuotila joined the company in 1993 and has worked as corporate treasurer and at many senior posts, including portfolio manger of global sales of devices and services.

"In addition to his background in finance, Timo Ihamuotila's expertise from leading a diverse range of business areas will be a tremendous asset in his position as chief financial officer," Nokia's chief executive Olli-Pekka Kallasvuo said in a statement.