Nokia CEO Rajeev Suri is stepping down as head of the Finnish telecom-equipment maker, the company said Monday. He'll be replaced by Pekka Lundmark, who is currently the CEO and president of energy company Fortum. The move comes as Nokia has reportedly struggled to keep up with the global shift to 5G networking technology.
Suri will step down on Aug. 31 but continue to serve as an advisor to Nokia's board of directors until Jan. 1, 2021. Lundmark is expected to take over as CEO on Sept. 1.
