Suri Steps Down, Lundmark Will Be New Nokia CEO and President

Nokia’s Board of Directors has appointed Pekka Lundmark as President and CEO. He is expected to start in his new role on September 1.

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. Board of Directors has 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 August 31 and continue to serve as an advisor to the Board until January 1, 2021.

“After 25 years at Nokia, I have wanted to do something different,” said Suri. “Nokia will always be part of me, and I want to thank everyone that I have worked with over the years for helping make Nokia a better place and me a better leader. I leave the company with a belief that a return to better performance is on the horizon and with pride for what we have accomplished over time. Pekka is an excellent choice. I look forward to working with him on a smooth transition and wish him the best success in his new role.”

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 leader, and from 1990-2000 he held multiple executive positions at Nokia, including Vice President of Strategy and Business Development at Nokia Networks.

“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.”