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Nokia Hires Fortum Chief Lundmark to Fill Suri’s Position from September

Nokia Hires Fortum Chief Lundmark to Fill Suri's Position from September

Nokia Chief Executive Rajeev Suri will depart in September and be replaced by Pekka Lundmark, who used to work for the Finnish firm and is the current CEO of vitality group Fortum, Nokia stated on Monday.

Nokia Hires Fortum Chief Lundmark to Fill Suri's Position from September

Suri has been in the position for six years and was previously the head of Nokia Siemens Networks.

The Finnish firm has been struggling to regain investors’ confidence after issuing a surprise revenue warning in October that cut a third of its value and forcing the corporation to admit some delays in its 5G development.

Nokia witnesses severe competition from Sweden’s Ericsson and China’s Huawei in the contest to deliver 5G networks to operators worldwide.

Lundmark, chief of Fortum since 2015, held multiple executive positions at Nokia between 1990 and 2000, along with VP of strategy and business growth at Nokia Networks.

Lundmark headed Fortum to embark on a bold effort to gain control of its German competitor Uniper, resulting in a power deadlock between the companies that has yet to be resolved.

Before his time at Fortum, Lundmark led Finnish crane manufacturer Konecranes for a decade until 2015.

The chairperson cited his focus “on strategic clarity, operational excellence and powerful financial efficiency.”

Nokia’s October surprise profit warning forced it to stop dividend payouts.

Nokia shares had been lifted last week after the Finnish telecom network tools manufacturer was considering asset sales and mergers.

Nevertheless, a source near the corporation said there was no truth to the report.

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Daisy Galbraith

Daisy Galbraith

Accuracy. Speed. Client Satisfaction. These three things have been the focus of my proofreading and copy writing work prior to joining ELANCE. I have experience in proofing and editing at all levels of academic work – from high school through to PhD. Within that, I have particular experience in proofing work carried out by students whose first language is not English, but who have chosen academic studies in English. I am employed as a high-school English teacher, giving me daily experience of correcting spelling, grammar, idioms and phrasing – and an infinite amount of patience when it comes to the written word. I also have experience in proof reading and copy editing for commercial purposes.