- CEO of Nokia Rajeev Suri will step down in September and will be succeeded by Pekka Lundmark, CEO of Fortum, Energy Group telecom giant said Monday.
Lundmark is currently President and CEO of Fortum, a leading energy company headquartered in Espoo, Finland, where he consistently delivered robust total shareholder returns, renewed the company’s strategy successfully and placed it as a strong player in the changing global energy market. Prior to Fortum, Lundmark worked as the President and CEO of Konecranes, a global leader in material handling technology, and from 1990-2000 he held many executive positions at Nokia, including Vice President of Strategy and Business Development at Nokia Networks. Lundmark holds a Masters Degree in Science from the University of Technology in Helsinki. He is headquartered in Espoo, Finland.
“With the purchase of Alcatel-Lucent behind us and the 5 G future before us, I am delighted that Pekka has agreed to join Nokia,” said Risto Siilasmaa, chairman of Nokia’s board. “He has a history of leadership and shareholder value development in large business-to-business companies; deep experience in telecommunications networks, industrial digitization and key markets such as the United States and China; and emphasis on strategic insight, operational excellence, and strong financial results.”
“I’m honored to be able to lead Nokia, an amazing organization with so many potential and talented people,” Lundmark said. “Together, by delivering on Nokia’s vision to build the infrastructure to link the planet, we will create shareholder value. I am optimistic that the company is well prepared for the 5G age and it is my responsibility to ensure that we fulfill our customer, employee, shareholder, and other stakeholder commitments. Clear principles, pioneering creativity and unflinching dedication to our customers have always been at the heart of Nokia, and as we move forward I want to position this even more at our center.
Rajeev Suri, the current president of Nokia, and CEO, previously indicated to the Board that he was considering stepping down from his position at some point in the future, given a sound succession plan was in place. Nokia’s Board of Directors conducted a formal CEO succession process and worked closely with Suri to establish internal candidates and evaluate external candidates. The process ended with Lundmark’s appointment today, March 2, 2020, when Nokia’s board of directors decided to move forward.
“I had wanted to do something different after 25 years at Nokia,” Suri said. “Nokia will always be a part of me and I would like to thank everyone I’ve worked with over the years to help make Nokia a better place and a better leader for me. I leave the company with the confidence that a return to better performance is on the horizon and with gratitude for what we have accomplished over time. Pekka is a great option for Nokia. I look forward to working on a smooth transition with him and wish him the best in his new role.