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Nokia replaces CEO with Fortum boss Lundmark to revive 5G business – Source Reuters Tech News

HELSINKI (Reuters) – Nokia has rehired former executive Pekka Lundmark from energy group Fortum to lead the Finnish telecoms company’s efforts to revive its faltering 5G business.

Nokia’s new President and CEO Pekka Lundmark shakes hands with resigning President and CEO Rajeev Suri (R) after a news conference at the Nokia headquarters in Espoo, Finland March 2, 2020. Lehtikuva/Markku Ulander via REUTERS

Lundmark, who will succeed Rajeev Suri as Nokia chief executive in September, will team up with Sari Baldauf, the incoming chairman, in a move that reunites two figures from the era when the Finnish company dominated the mobile handsets business.

Baldauf and Lundmark have also worked closely in recent years, as Baldauf chaired Fortum’s board between 2011 and 2018.

The leadership change at Nokia comes as uncertainty mounts over the future of Europe’s telecoms vendors, with speculation surfacing last week that the group could be set for a tie-up with more profitable Swedish…

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Source Reuters Tech News

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