HELSINKI (Reuters) – Nokia Chief Executive Rajeev Suri will step down in September and be replaced by Pekka Lundmark, who used to work for the Finnish company and is the current CEO of energy group Fortum, Nokia said on Monday.
FILE PHOTO: Pekka Lundmark, President and CEO of Finnish utility company Fortum, poses after a news conference announcing that Fortum is set to gain control of Germany’s Uniper by acquiring the stakes of activist funds Elliott and Knight Vinke in Duesseldorf, Germany, October 8, 2019. REUTERS/Thilo Schmuelgen
Suri has been in the role for six years and was previously head of Nokia Siemens Networks.
The Finnish company has been struggling to regain investors’ confidence after issuing a surprise profit warning in October that slashed off a third of its value and forcing the company to admit some delays in its 5G development.
Nokia faces intense competition from Sweden’s Ericsson and China’s Huawei in the race to deliver 5G telecoms networks to operators…
Source Reuters Tech News