Hurdles in 5G, CEO of Nokia Rajeev Suri Resigns

Rajeev Suri resigned from Nokia’s CEO after a series of disappointments related to 5G products and setbacks in China, Light reading cited.

Kati Pohjanpalo ( @pohjanka ), via tweeter, “Nokia is replacing CEO Rajeev Suri as it seeks to make up lost ground to Huawei and Ericsson in the race for 5G networks.”

His position will be replaced by Pekka Lundmark, President, and CEO of the energy company Fortum. The company announced the information in a statement today.

News of Rajeev Suri’s resignation follows reports that Nokia is considering various strategic options including the possibility of asset sales or mergers. Nevertheless, the information was completed by chairman Risto Siilasmaa during a press conference about Suri’s departure.

Reportedly, the share price lost more than a third last year and fell 5.5% in Helsinki on Friday.

Suri will not leave his role until August 31, according to Nokia’s statement and he will remain as a strategic adviser to Nokia’s board until January 2021.

He is remembered as the person who brought Nokia to take over $ 17.3 billion from rival Alcatel-Lucent. The big deal establishes Nokia as one of the three largest network equipment vendors in the world, along with Huawei China and Ericsson Sweden.