TECH

Who is Pekka Lundmark, the new president of Nokia

Rajeev Suri, the current ceo, global at Nokia, he led the company during its transformation, the most important of the decade, the output of the mobile market, and a renewed focus on the enterprise networks on the verge of a 5. “Over the past ten years, we have bought many of the companies in the field of networking, with the business networks, Bell Labs, Motorola, and Panasonic. Nokia became the company that consolidates the network industry, " Suri said in an interview with the blog in the second half of 2019. As of September, after 25 years of company, Suri will leave the post of President. His replacement is Pekka Lundmark, now president of the Finnish energy company Fortum.
Master in physical engineering at Helsinki University of Technology, Lundmark worked at Nokia for a decade, between the 1990s and 2000, when he let the company become a partner in a venture capital fund called Startupfactory. Two years later, he became president of Hackman Abp, a kitchen utensil company, where he also remained for two years. Before taking up his current position at Fortum, which took place in September 2015, Lundmark was still president of Konecranes, a Finnish company specializing in the manufacture of cranes. Under his command, Fortum made an operating profit of € 1.1 billion in 2019, 21% more than in the previous year. "Pekka is an excellent option for Nokia. I look forward to working with him on a quiet transition and wish him the best success in his new position,” Suri says about his replacement, in a statement released this week.
Lundmark will have the task of guiding Nokia in the 5G network market, which is disputed with companies such as Swedish Ericsson and Chinese Huawei. Recently, the company received aid from the United States. In February, William Barr, Attorney General of the United States, asked both the American nation and the allies to consider companies such as Ericsson and Nokia in order to stem Huawei's global advance.
Even in the face of intense competition in the telecommunications sector for the 5G market, Nokia managed to advance and almost tripled the profit in the last quarter of 20190. Finland made a net profit of EUR 563 million in the period, which is 2.7 times higher than the EUR 203 million recorded in the last quarter of 2018.
Although the horizon is positive and the company has an experienced new president, the company will need to maintain balance during the transition phase to deal with the competition for 5G.

Mundophone