- At the moment, Lundmark serves as the president and CEO of Fortum, an energy company based in Espoo, Finland
- Nokia’s Board of Directors has conducted a structured process for CEO succession
Nokia’s Board of Directors has appointed Pekka Lundmark as President and Chief Executive Officer of Nokia. Lundmark is expected to start in his new role on first September 2020. Rajeev Suri, Nokia’s current president, and CEO had 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.
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.”
Structured process for CEO succession
At the moment, Lundmark serves as the 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 company. From 1990 to 2000, he held multiple executive positions at Nokia which included vice president of strategy and business development at Nokia Networks.
Nokia’s 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. That process ended on second March when Nokia’s Board of Directors made the decision to move forward with Lundmark’s appointment. Suri will leave his current position on 31st August, 2020 and continue to serve as an advisor to the Nokia Board until first January, 2021
