India-origin President and CEO of Finnish telecom major Nokia, Rajeev Suri, has decided to quit the company to pursue his own interests, according to a company statement.

Share Market Live

NSE

Nokia's Board of Directors has appointed Pekka Lundmark as President and Chief Executive Officer of Nokia who will take charge of his new role on September 1, 2020.

Suri, who has been working for Nokia for last 25 years, said, "I have wanted to do something different. Nokia will always be part of me, and I want to thank everyone that I have worked with over the years for helping make Nokia a better place and me a better leader.

"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."

Suri earlier had indicated to the Nokia board that he was considering stepping down from his role at some point in the future, provided a solid succession plan was in place.

"Nokia's Board of Directors has conducted a structured process for CEO succession and has been working closely with Suri to develop internal candidates and identify external candidates. That process culminated today, March 2, 2020, when Nokia's Board of Directors made the decision to move forward with Lundmark's appointment," the statement said.

Suri will leave his current position on August 31, 2020, and continue to serve as an advisor to the Nokia Board until January 1, 2021.

During his tenure as CEO of Nokia and Nokia Siemens Networks, Suri led a significant consolidation of the telecommunications infrastructure sector with a turnaround of Nokia Siemens Networks including the disposal of multiple non-core assets, the integration of Alcatel-Lucent and successful diversification into new software and enterprise markets.

"Under his leadership, Nokia became one of the top two players in telecommunications infrastructure, rising from a number four position, with the scope and scale for long-term success," the statement said.