Nokia denies report on moves to replace president, CEO Pekka Lundmark | World News

Nokia is not undertaking a process to replace President and CEO Pekka Lundmark, the company told Reuters on Thursday, denying an earlier Financial Times report saying it is 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 Reuters.

 

The firm said it continuously assesses and discusses the leadership team’s long-term succession plan through a comprehensive approach that covers internal and external candidates, and that its CEO and Chair are fully aware of the process.

In August, Nokia reported a 32 per cent drop in second-quarter operating profit, citing weak demand for 5G telecom equipment, but said sales should recover towards the end of 2024 with the help of orders from North America.

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