On Monday, in a statement, Nokia said, its Chief Executive Rajeev Suri will be stepping down in September and will be replaced by Pekka Lundmark, who until now has been the CEO of Fortum.
Suri will be stepping down after being more than a decade at the helm in Nokia and Nokia Siemens Networks, said the company.
Nokia is facing strong competition from Sweden’s Ericsson and China’s Huawei in the race to deliver 5G telecoms networks to operators around the world.
Lundmark has held multiple executive positions at Nokia between 1990 and 2000, including being its vice president of strategy and business development at Nokia Networks.
“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,” said Nokia Chairman Risto Siilasmaa in a statement.