Pekka Lundmark has been appointed president and CEO of Nokia, effective September 1.
Lundmark is currently president and CEO of Fortum, a leading energy company based in Espoo,Finland. Prior to Fortum, he served as president and CEO of Konecranes, and from 1990-2000 he held multiple executive positions at Nokia, including VP of strategy and business development at Nokia Networks.
Commenting on the development, 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.”
Lundmark, who will be based in Espoo, added: “I am honoured to have the opportunity to lead Nokia, an extraordinary company that has so much potential and so many talented people.
“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. Strong values, leading innovation and unflinching commitment to our customers have always been core to Nokia and I want to put this even more at our centre as we move forward.”
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. Nokia’s board has conducted a structured process for CEO succession and has been working closely with him to develop internal candidates and identify external candidates. That process culminated today, March 2, 2020, when the board made the decision to move forward with Lundmark’s appointment.
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.
