Rajeev Suri Steps Down as CEO of Nokia and Nokia and Siemens Networks

  • Nokia informed that Pekka Lundmark has been appointed President and CEO of Nokia
  • The company had recently acquired Alcatel-Lucent
Rajeev Suri, CEO, Nokia

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 starting first September 2020. 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.

“After 25 years at Nokia, I have wanted to do something different. 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,” said Suri.

Structured process for CEO succession

The company informed that 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 on second March 2020 when Nokia’s Board of Directors made the decision to move forward with Lundmark’s appointment.

“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,” said Risto Siilasmaa, Nokia Board Chair.

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. Lundmark holds a Master of Science degree from Helsinki University of Technology. He will be based in Espoo, Finland.

Suri will leave his current position on August 31, 2020 and continue to serve as an advisor to the Nokia Board until first January, 2021. During his tenure as CEO of Nokia and Nokia Siemens Networks, Suri led a significant consolidation of the telecommunications infrastructure sector; a fundamental turnaround of Nokia Siemens Networks including the disposal of multiple non-core assets; massive growth in the company’s highly profitable patent licensing business; the integration of Alcatel-Lucent; and successful diversification into new software and enterprise markets. Under his leadership, Nokia became one of the top two players in telecommunications infrastructure, rising from a number four position, with the scope and scale for long-term success.