Nokia’s Board of Directors has appointed Pekka Lundmark as the president and chief executive officer of Nokia. Lundmark is expected to start in his new role on September 1, 2020.
Lundmark is currently the president and CEO of Fortum, a leading Finnish energy company based in Espoo, where he was considered a very successful leader.
“With the acquisition of Alcatel-Lucent (a French global telecommunications equipment company) behind us and the world of 5G in front of us, I am pleased that Pekka has agreed to join Nokia,” says Nokia Board Chair Risto Siilasmaa in a statement. “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 says he’s “honored 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 center 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 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 culminated today, March 2, 2020, when Nokia’s Board of Directors made the decision to move forward with Lundmark’s appointment.
“After 25 years at Nokia, I have wanted to do something different,” Suri says. “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 for Nokia. I look forward to working with him on a smooth transition and wish him the best success in his new role.”
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.
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About Pekka Lundmark
Born: 1963
Nationality: Finnish
Master of Science, Helsinki University of Technology, Department of Technical Physics, 1988
Married, three children
Professional experience
Fortum Corporation, President and CEO, September 2015 – current
Konecranes Plc, President and CEO, 2005 – 2015
Konecranes Plc, Group Executive Vice President, 2004 – 2005
Hackman Oyj Abp, President and CEO, 2002 – 2004
Startupfactory Oy, Managing Partner, 2000 – 2002
Nokia Corporation, various executive positions, 1990 – 2000
Prior to Fortum, Lundmark served as the 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. Lundmark holds a master of science degree from Helsinki University of Technology. He will be based in Espoo, Finland.
