© Nokia Electronics Production | March 02, 2020
Nokia CEO Rajeev Suri to step down
Nokia announces that the company has appointed Pekka Lundmark as President and CEO of Nokia. Lundmark is expected to start in his new role on September 1, 2020.
Lundmark is currently President and CEO of Fortum, an energy company based in Espoo, Finland. Prior to Fortum, Lundmark served as President and CEO of Konecranes, a global material-handling technology company, and from 1990-2000 he held multiple executive positions at Nokia, including Vice President of Strategy and Business Development at Nokia Networks. Rajeev Suri, Nokia’s current President and CEO, indicated earlier to the board that he was considering stepping down from his role at some point in the future, provided a solid succession plan was in place. The company has conducted a structured process for CEO succession and has been working closely with Suri to develop internal candidates and identify external candidates. That process culminated on March 2, 2020, when the board made the decision to move forward with Lundmark’s appointment. “With the acquisition of Alcatel-Lucent behind us and the world of 5G in front of us, I am pleased that Pekka has agreed to join Nokia,” says Risto Siilasmaa, Nokia Board Chair, in a press release. “He has a record of leadership and shareholder value creation at large business-to-business companies; deep experience in telecommunications networks, industrial digitization, and key markets such as the United States and China; and a focus on strategic clarity, operational excellence and strong financial performance.” “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.” Suri will leave his current position on August 31, 2020 and continue to serve as an advisor to the Nokia Board until January 1, 2021.