Nokia CEO resigns after 25 years

Nokia chief executive officer Rajeev Suri is set to step down from his position after serving as the company's egg head for 25 years.

He is to be replaced by the current head of Finnish energy group Fortum, Nokia announced on Monday.

Pekka Lundmark will take over on September 1, Nokia said.

Suri has been eyeing a possible replacement after he indicated his desire to oversee other endeavors

“After 25 years at Nokia, I have wanted to do something different,” Suri said.

Lundmark has also served as CEO of Konecranes, a global material-handling technology leader. Prior to that, from 1990-2000, he held various executive positions at Nokia, including the vice president of strategy and business development at Nokia Networks.

Lundmark also has “extensive experience in China,” he told a press conference on Monday — a market which Nokia last year announced it was backing away from in the light of growing support there for local vendors, AFP reports.