Nokia has announced that its chief executive officer, Rajeev Suri, will step down from the position in September.
Suri will be replaced by Pekka Lundmark, who is currently the chief executive officer of the Fortum energy group, according to a report by news agency Reuters.
“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,” said Risto Siilasmaa, Nokia board chair.
“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,” he added.
One of Lundmark’s first challenges will be to bolster the Finnish tech giant’s ailing share price, which has declined sharply over the course of the past year, dropping from $6.33 in March 2019 to $3.87 as on the 28th February 2020.
Lundmark brings a wealth of industry experience to the role, having held numerous senior executive positions at Nokia during the 1990s and early 2000s.