11:48 AM EDT, 09/12/2024 (MT Newswires) -- Nokia ( NOK ) has approached potential candidates about replacing Pekka Lundmark as chief executive, London's Financial Times reported Thursday, citing people familiar with the situation.

The search is underway, with at least one headhunter tapped to run the process, the unnamed sources told the publication.

The Finnish company is also looking for a new board chair, with Sari Baldauf set to turn 70 in 2025, the FT reported, citing "several" people. Nokia ( NOK ) is unlikely to pick the new chair from its current board, the sources reportedly said.

"The board fully supports President and CEO Pekka Lundmark and is not undergoing a process to replace him," a Nokia ( NOK ) spokesperson told MT Newswires in an e-mailed statement.

"It is a core responsibility for every board to systematically and continuously assess and discuss the leadership team's long-term succession plan through a comprehensive approach that covers internal and external candidates," the spokesperson said. "This is the same process for our chair and board of directors."

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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