Nokia has appointed Pekka Lundmark as its new President and CEO, he will take over the role from Rajeev Suri who is stepping down after more than a decade in the roles. Lundmark was appointed by Nokia’s Board of Directors and will begin in his new role on September 1, 2020.
Lundmark worked at Nokia between 1990 and 2000 in several executive positions including Vice President of Strategy and Business Development at Nokia Networks. After leaving the firm he became CEO of Konecranes, a material-handling technology leader. He is currently President and CEO of Fortum, an energy company based in Espoo, Finland. Under his leadership, Nokia says he has “consistently delivered robust total shareholder returns”.
Commenting on the board’s decision, Risto Siilasmaa, Nokia Board Chair, said:
“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. 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.”
Rajeev Suri, who has been at Nokia for 25 years, said he wanted “to do something different”, it’s unclear what occupation he plans to do next but once he leaves his current position on August 31, he will remain as an advisor to the Nokia Board until January 1, 2021.
When he takes over, Lundmark will likely have to steer Nokia through politically turbulent times as the U.S.’ efforts against Huawei don’t seem as though they’ll end any time soon, therefore, Nokia will be under more pressure to deliver networking services.
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