The company's current mobile networks lead, former Alcatel-Lucent exec Marc Rouanne, is leaving the company to be replaced by Tommi Uitto, a 23-year veteran of Nokia billed as an "expert in radio technologies." His mix of technical know-how and sales experience makes him a "strong leader," CEO Rajeev Suri said.

It's too soon to say if the changes will pan out, but the 5G focus could be well-timed. A slew of major carriers, including American incumbents like AT&T, T-Mobile and Engadget parent Verizon, are either in the midst of launching 5G networks or just months away. If Nokia plays its cards well, it could ride the surge of 5G rollouts and treat its botched expansions as little more than distant memories.