Nokia's President and Chief Executive Rajeev Suri will step down from his current position on August 31, 2020. Pekka Lundmark will replace Suri and is expected to start on September 1, 2020. Lundmark is currently President and CEO of Fortum, a leading energy company based in Espoo, Finland.
Suri, who has been at Nokia for 25 years, became CEO after running the Nokia Siemens Networks joint venture. Nokia faces intense competition from Sweden's Ericsson and China's Huawei in the race to deliver 5G telecoms networks to operators around the world.
Suri indicated earlier to the Nokia Board's board of directors that he was considering stepping down from his role at some point in the future, provided a solid succession plan was in place.
"After 25 years at Nokia, I wanted to do something different," said Suri.
"Nokia will always be part of me, and I want to thank everyone that I have worked with over the years for helping make Nokia a better place and me a better leader," he said.
Nokia's board worked closely with Suri to develop internal candidates and identify external candidates.
"I look forward to working with him (Lundmark) on a smooth transition and wish him the best success in his new role," said Suri.
Currently President and CEO of Fortum, Lundmark held multiple executive positions at Nokia between 1990 and 2000, including vice president of strategy and business development at Nokia Networks.
“I am honored to have the opportunity to lead Nokia, an extraordinary company that has so much potential and so many talented people,” said Lundmark.
“Together we can create shareholder value by delivering on Nokia’s mission to create the technology to connect the world. I am confident that the company is well-positioned for the 5G era and it is my goal to ensure that we meet our commitments to our customers, employees, shareholders and other stakeholders," He added.
“After 25 years at Nokia, I have wanted to do something different,” said Suri. “Nokia will always be part of me, and I want to thank everyone that I have worked with over the years for helping make Nokia a better place and me a better leader. I leave the company with a belief that a return to better performance is on the horizon and with pride for what we have accomplished over time. Pekka is an excellent choice for Nokia.I look forward to working with him on a smooth transition and wish him the best success in his new role.”
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