Nokia CEO Rajeev Suri decides to step down; Pekka Lundmark to replace him

Nokia Oyj’s CEO Rajeev Suri would be stepping down from his post in what seems like just over half a decade of tenure in the company. He will be replaced by the incoming Pekka Lundmark who is the outgoing Chief Executive Officer of Fortum Oyj. Mr Suri has decided to step down from the topmost leadership role of the Finnish enterprises at a crucial time.

Until January 1 next year, Suri would be serving still in the executive board. He has decided to step down from the executive position that he will be holding till August of this year, after which Mr Pekka would be taking over the charge. He will be taking over with effect from September of the current year since Suri leaves on August 31. The decision, Rajeev Suri explains, has been one of those extremely thoughtful ones.

As per Mr Suri, he has always wished to do something different. It has taken him a long time at Nokia. In his words, “After 25 years at Nokia, I have wanted to do something different. Nokia will always be a part of me.” A few days ago, it was Bloomberg that had reported that the company was looking forward to explore a series of strategic choices. Some of these included the sale of its business assets and the merger of potential deals.

Rajeev Suri, in his statement, aired that he wished the company all the best and was sure that the company would march towards success with Pekka at the leading front. He went ahead to point out how Pekka was nothing short of the best choice for the topmost position.

In a statement, Risto Siilasmaa, the chairman of Nokia Board said, “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.”

Source

Nokia’s tech unit, which takes care of the patent portfolio of the Finnish company had earlier projected a 3 per cent growth in its overall profit that meant a profit of 1.24 billion euros or roughly 1.35 billion dollars. The statistics have been reported for the year 2019. The growth in its gain was a good 3 per cent whereas its sales dipped down to 1 per cent to 1.49 billion Euros.

In a statement, Suri was spotted saying, “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.” In his words, he thanked everyone for making him a better leader and his colleagues, shareholders, stakeholders and juniors for making the company a better place to work at. The company board spoke along similar lines.

Re-affirming faith in the company’s abilities, came the incoming CEO’s statement. Pekka Lundmark upheld that it is the most prudent of Nokia’s missions to build the technology that would act as the catalyst to connect the world better than ever. Showing confidence in the vision and mission of the company that the brand is psyched up to face and transform the 5G era, he was the most positive in his statement. He was enthused to committing towards customers and all stakeholders.

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Rosa Margaret

Rosa Margaret is a Senior Architect who plays a role of designing, planning and developing different projects for her firm. She is highly skilled in analyzing blueprints, sketches, and models for environmental and safety issues. She loves to do gardening in her free time which is quite evident in her exquisitely maintained backyard.

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