Nokia Appoints Lundmark as President, CEO
Monday, March 02, 2020 | Comments

Nokia’s board of directors appointed Pekka Lundmark as president and CEO of Nokia. Lundmark is expected to start in his new role Sept. 1.

Lundmark was president and CEO of Fortum, an energy company based in Espoo, Finland, where he consistently delivered robust total shareholder returns, successfully renewed the company’s strategy, and positioned it to be a strong player in the transforming global energy sector. Prior to Fortum, Lundmark served as president and CEO of Konecranes, a global material-handling technology firm, and from 1990 – 2000 he held multiple executive positions at Nokia.

“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,” said Risto Siilasmaa, Nokia board chair. “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, Nokia’s current president and CEO, indicated to the board that he was considering stepping down from his role at some point, provided a solid succession plan was in place. Nokia’s board of directors conducted a structured process for CEO succession and has been working closely with Suri to develop internal candidates and identify external candidates.

Suri will leave his current position on Aug. 31 and continue to serve as an advisor to the Nokia board until Jan. 1, 2021.

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