Pekka Lundmark to Replace Rajeev Suri as the New Nokia President & CEO

On-boarding the CEO succession plan by Nokia Directors, Rajeev Suri is stepping down to pave the way for Pekka Lundmark to take over his role. From August 31, 2020 onwards, Lundmark will officially start his journey; however Rajeev will be serving as an advisor to Nokia Board until January 1, 2021. Upon losing the battle to develop large-scale rollouts for fifth-generation mobile equipments, Nokia decided to pay off the setback by putting forward a new management in place. Much to one’s surprise, after the announcement, Nokia shares sprung up to as much as 4.9 percent in Helsinki.

“I am honored to have the opportunity to lead Nokia, an extraordinary company that has so much potential and so many talented people,” said Pekka. “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”.

Pekka, a 57-year-old President & CEO of Fortum Oyj, a leading energy company based in Espoo, Finland, had been consistent in delivering robust returns to the share holders of the company. His successful renewal of Fortum’s business strategies, has not only transformed the global energy market, but rooted him as one of the recognized players in the industry. Prior, he had served as the President & CEO of Konecranes, a global material-handling technology leader and from 1990-2000. He also held multiple managerial posts at Nokia as Vice President of Strategy and Business Development at Nokia Networks.

“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,” says Risto Siilasmaa, Board Chairman, Nokia. Risto added, “On behalf of the entire Board of Directors, I would like to thank Rajeev for his many contributions to Nokia, where he has served with both honor and distinction”.

Rajeev, President & CEO of Nokia since 2014, envisages that Pekka will draw a Silverline for Nokia’s growth and development. Rajeev says, “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 for Nokia. I look forward to working with him on a smooth transition and wish him the best success in his new role.”

Read More News :

What Swiggy & Fitternity's Partnership Brings to the Customers?

Coronavirus Set to Derail Indian Mobile Industry by Mid-March