Nokia has firmly denied recent reports suggesting it is in the process of replacing its President and CEO, Pekka Lundmark. In response to a Financial Times article, Nokia clarified its position, stating unequivocally that it is not seeking a new chief executive.
“The Board fully supports President and CEO Pekka Lundmark and is not undergoing a process to replace him,” Nokia emphasized in a statement to Reuters. The company explained that while it regularly reviews and discusses its leadership succession planning, this process is ongoing and includes both internal and external candidates. Nokia assured that both the CEO and Chair are fully informed about these discussions.
Pekka Lundmark has been at the helm of Nokia since 2020. Despite recent financial difficulties, including a 32 percent decline in second-quarter operating profit due to sluggish demand for 5G telecom equipment, Nokia remains optimistic about a sales recovery by late 2024, bolstered by anticipated orders from North America.
