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Nokia appoints new CEO from energy group Fortum

By Ramla Soni

Rajeev Suri has been CEO for six years and will step down in September

Chief Executive Officer of Nokia, Rajeev Suri, is to step down in September. He will be replaced by Pekka Lundmark, who is the current CEO of the energy group Fortum.

Suri has been in the role for six years and was previously head of Nokia Siemens Networks.

The Finnish company has been struggling to regain investors’ confidence after it issued a profit warning in October that slashed off a third of its value and forced the company to delay some of its 5G development.

Nokia faces competition from Sweden’s Ericsson and China’s Huawei in the race to deliver 5G telecoms networks to operators around the world.

Lundmark, head of Fortum since 2015, has held multiple executive positions at Nokia between 1990 and 2000, including vice president of strategy and business development at Nokia Networks.

Prior to Fortum, Lundmark led Finnish crane maker Konecranes for 10 years until 2015.

Nokia’s October surprise profit warning forced it to halt dividend pay-outs.

Nokia shares were lifted last week after it was reported that the Finnish telecom network equipment maker was considering asset sales and mergers. Nokia has not disclosed a comment on this.

Nokia’s shares have fallen by more than a third, including a drop of a quarter in the past four-and-a-half months during Sri’s time at the company.

FURTHER READING: Nokia seeks to invest more in 5G, cuts 180 jobs in Finland

FURTHER READING: China warns France against excluding Huawei from 5G

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