Nokia Denies CEO Replacement Rumors, Reaffirms Support for Current Leadership
2 Sources
2 Sources
[1]
Nokia says not looking for a new CEO: "The board fully..." - Times of India
Nokia has issued a statement on reports that the company is undertaking a process to replace its President and CEO Pekka Lundmark. The Finnish tech giant said that it is not looking for a new chief executive. "The Board fully supports President and CEO Pekka Lundmark and is not undergoing a process to replace him," Nokia said in a statement to news agency Reuters. The firm, however, added that it continuously assesses and discusses the leadership team's long-term succession plan through a comprehensive approach. Lundmark was appointed as Nokia's CEO in 2020. "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. This is the same process for our Chair and Board of Directors. For this work we also use the help of professional advisors. Our CEO and Chair are fully aware and involved in this process," it added. What the report claimed about Nokia CEO A report by The Financial Times claimed that Nokia is looking to replace the CEO in bid to revive falling sales. In August, Nokia reported a 32% drop in second-quarter operating profit, citing weak demand for 5G telecom equipment. It, however, added that sales should recover towards the end of 2024 with the help of orders from North America. Citing people familiar with the situation, the publication said that Nokia has approached candidates about replacing Lundmark as chief executive. It added that the search is ongoing and at least one headhunter has been appointed to run the process. As per a shareholder, the current CEO has not got to grips with the growth problem. Nokia is also looking for a new chair as Sari Baldauf will turn 70 next year, several people have been cited as saying. The TOI Tech Desk is a dedicated team of journalists committed to delivering the latest and most relevant news from the world of technology to readers of The Times of India. TOI Tech Desk's news coverage spans a wide spectrum across gadget launches, gadget reviews, trends, in-depth analysis, exclusive reports and breaking stories that impact technology and the digital universe. Be it how-tos or the latest happenings in AI, cybersecurity, personal gadgets, platforms like WhatsApp, Instagram, Facebook and more; TOI Tech Desk brings the news with accuracy and authenticity.
[2]
Nokia looking for new CEO: This is what company has to say - Times of India
Nokia has issued a statement on reports that the company is undertaking a process to replace its President and CEO Pekka Lundmark. The Finnish tech giant said that it is not looking for a new chief executive. "The Board fully supports President and CEO Pekka Lundmark and is not undergoing a process to replace him," Nokia said in a statement to news agency Reuters. The firm, however, added that it continuously assesses and discusses the leadership team's long-term succession plan through a comprehensive approach. Lundmark was appointed as Nokia's CEO in 2020. "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. This is the same process for our Chair and Board of Directors. For this work we also use the help of professional advisors. Our CEO and Chair are fully aware and involved in this process," it added. What the report claimed about Nokia CEO A report by The Financial Times claimed that Nokia is looking to replace the CEO in bid to revive falling sales. In August, Nokia reported a 32% drop in second-quarter operating profit, citing weak demand for 5G telecom equipment. It, however, added that sales should recover towards the end of 2024 with the help of orders from North America. Citing people familiar with the situation, the publication said that Nokia has approached candidates about replacing Lundmark as chief executive. It added that the search is ongoing and at least one headhunter has been appointed to run the process. As per a shareholder, the current CEO has not got to grips with the growth problem. Nokia is also looking for a new chair as Sari Baldauf will turn 70 next year, several people have been cited as saying. The TOI Tech Desk is a dedicated team of journalists committed to delivering the latest and most relevant news from the world of technology to readers of The Times of India. TOI Tech Desk's news coverage spans a wide spectrum across gadget launches, gadget reviews, trends, in-depth analysis, exclusive reports and breaking stories that impact technology and the digital universe. Be it how-tos or the latest happenings in AI, cybersecurity, personal gadgets, platforms like WhatsApp, Instagram, Facebook and more; TOI Tech Desk brings the news with accuracy and authenticity.
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Nokia has officially refuted claims that it is searching for a new CEO. The company's board has expressed full support for the current CEO, Pekka Lundmark, amidst speculation about leadership changes.
Nokia Addresses CEO Replacement Rumors
In a recent development, Nokia, the Finnish telecommunications giant, has categorically denied reports suggesting that it is actively seeking a new Chief Executive Officer (CEO). The company's board of directors has stepped forward to quash these rumors, emphasizing their unwavering support for the current CEO, Pekka Lundmark
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.Official Statement from Nokia
Nokia's Chair of the Board, Sari Baldauf, issued a clear and concise statement addressing the speculation. "The Nokia Board fully supports Pekka Lundmark as President and CEO of Nokia, and we are not looking for a new CEO," Baldauf affirmed
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. This unequivocal declaration aims to put to rest any doubts about the company's leadership stability.Context of the Rumors
The rumors about a potential CEO change at Nokia emerged following a report by a Finnish newspaper. The report suggested that the company was considering replacing Lundmark, who has been at the helm since August 2020
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. Such speculation can often arise in the corporate world, especially for companies of Nokia's stature in the competitive telecommunications industry.Pekka Lundmark's Tenure
Pekka Lundmark took over as Nokia's CEO in August 2020, during a challenging period for the company. Under his leadership, Nokia has been navigating through the complexities of the 5G era and striving to maintain its position as a key player in the global telecommunications market
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. The board's strong endorsement of Lundmark indicates satisfaction with his performance and strategic direction for the company.Related Stories
Impact on Nokia's Market Position
The swift and decisive response from Nokia's board is likely aimed at maintaining investor confidence and market stability. In the fast-paced tech industry, leadership continuity can be crucial for long-term strategy implementation and stakeholder trust
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. By reaffirming their support for Lundmark, Nokia sends a message of stability to its employees, partners, and shareholders.Looking Ahead
As Nokia continues to compete in the evolving telecommunications landscape, the company's focus remains on innovation and market expansion. With the board's backing, Pekka Lundmark is expected to continue leading Nokia's efforts in 5G deployment, network infrastructure development, and exploring new opportunities in the tech sector
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. The clear stance on leadership should allow the company to move forward without the distraction of executive change rumors.References
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