New Nokia CEO Pekka Lundmark taking over the role on Sept. 1
It’s been a rough few months for Nokia–a software problem delayed some Sprint 5G market activations and a lack of commercially-available dynamic spectrum sharing software could prove problematic particularly over the next year.
In reporting full-year 2019 financials in February, Suri acknowledged that 2019 was a “challenging year…We have faced challenges in Mobile Access and in cash generation. We will have a sharp focus on these two areas over the course of 2020, which we believe to be a year of progressive improvement as the actions we have underway start to deliver results.”
In late February, Bloomberg News and other outlets reported Nokia was considering a potential strategic asset divestiture or even a merger, although there was some inconsistency in the reporting and Nokia never commented on the validity of it.
According to a statement from Nokia, Suri “indicated earlier” to the company’s board “he was considering stepping down from his role.” Suri said, in a statement, that he has “wanted to do something different. 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.”
Suri’s successor Pekka Lundmark serves as CEO of Finnish energy company Fortum; before that he led Konecranes. From 1990 to 2000, Lundmark worked at Nokia in roles, including vice president of strategy and business development for the networks business.
From Lunkmark’s statement: “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.”