Pekka Lundmark

Pekka Lundmark

Lundmark at Nokia, 2023

Personal details
Born	Pekka Lundmark 1963/12/9 (age 62) 🇫🇮 Espoo, Finland
Nationality	🇫🇮 Finnish
Citizenship	🇫🇮 Finland
Residence	🇫🇮 Helsinki, Finland
Languages	🇫🇮 Finnish, 🇬🇧 English, 🇸🇪 Swedish
Education	Helsinki University of Technology (MSc, Applied Physics, 1988)
Spouse	Married
Children	Information private
Parents	Information private
Career details
Occupation	Business Executive, Technology Industry Leader
Years active	1990-2025
Employer	Nokia Corporation (former)
Title	Former President and CEO (2020-2025)
Term	August 2020 - March 2025
Predecessor	Rajeev Suri
Compensation	€6.5 million (2023)
Net worth	Template:Increase US$20-40 million (estimate, December 2024)
Board member of	Nokia Corporation (former) European Round Table for Industry (former)
Awards	Business leadership recognition

Pekka Lundmark (born December 9, 1963) is a Finnish business executive who served as President and Chief Executive Officer of Nokia Corporation, the Finnish telecommunications equipment manufacturer, from August 2020 to March 2025. During his tenure, he led Nokia's strategic transformation focusing on mobile networks, fixed networks, and cloud and network services, while navigating the global rollout of 5G technology and intensifying competition from Huawei and Ericsson.

Born in Espoo, Finland - the same city that hosts Nokia's headquarters - Lundmark first joined Nokia in 1990, working there for a decade before leaving to pursue leadership roles at other Finnish companies. He served as CEO of Konecranes (2005-2015) and Fortum (2015-2020) before returning to Nokia to succeed Rajeev Suri. In March 2025, he stepped down and was succeeded by Justin Hotard, a former executive from Hewlett Packard Enterprise.

Early life and education

Background

Pekka Lundmark was born on December 9, 1963, in Espoo, Finland, a city in the Helsinki metropolitan area that would later become home to Nokia's global headquarters.

Education

Helsinki University of Technology (1983-1988): Lundmark attended the Helsinki University of Technology (now part of Aalto University), earning a Master of Science degree in Applied Physics in 1988.

His technical education in physics provided a strong foundation for understanding the complex telecommunications technologies that would define his career.

Career

Nokia - First stint (1990-2000)

Joining Nokia: Lundmark joined Nokia in 1990, at a time when the company was beginning its transformation from a diversified conglomerate into a focused telecommunications company. He spent a decade at Nokia in various roles, gaining deep experience in the mobile phone and telecommunications industry during the company's rise to global dominance in mobile phones.

Hackman (2000-2004)

After leaving Nokia, Lundmark served as President and CEO of Hackman, a Finnish consumer goods company known for kitchenware and tableware brands including Iittala. This role gave him experience leading a consumer-focused business outside the technology sector.

Konecranes (2005-2015)

CEO of Konecranes: From 2005 to 2015, Lundmark served as President and CEO of Konecranes, the Finnish manufacturer of cranes and lifting equipment. Under his leadership, Konecranes:

• Expanded globally through acquisitions
• Strengthened service business
• Navigated the 2008-2009 global financial crisis
• Grew revenue and market share

His decade at Konecranes demonstrated his ability to lead large industrial companies through challenging economic environments.

Fortum (2015-2020)

CEO of Fortum: In 2015, Lundmark became President and CEO of Fortum, the Finnish state-controlled energy company. During his tenure:

• Led Fortum's strategic pivot toward clean energy
• Managed €7 billion acquisition of 76% stake in German utility Uniper
• Positioned Fortum as a leader in Nordic clean energy transition
• Navigated complex energy market dynamics

The Uniper acquisition later became controversial when natural gas prices surged following Russia's invasion of Ukraine in 2022, after Lundmark had left Fortum.

Nokia - Return as CEO (2020-2025)

Appointment: On August 1, 2020, Lundmark returned to Nokia as President and CEO, succeeding Rajeev Suri who had led the company since 2014.

Strategic transformation: Under Lundmark's leadership, Nokia underwent significant strategic changes:

• Business restructuring: Reorganized into four business groups - Mobile Networks, Network Infrastructure, Cloud and Network Services, and Nokia Technologies
• Cost reduction: Implemented cost-cutting programs including workforce reductions
• 5G leadership: Positioned Nokia as a key vendor in global 5G network deployments
• R&D focus: Invested in next-generation technologies including 6G research
• Geopolitical positioning: Benefited from Western concerns about Chinese vendors like Huawei

Challenges: Lundmark's tenure faced significant challenges:

• Intense competition from Ericsson and Huawei
• Margin pressures in telecommunications equipment
• Customer consolidation reducing bargaining power
• Market share losses in key regions

Departure: In October 2024, Nokia announced that Lundmark would step down in March 2025, to be succeeded by Justin Hotard, a former Hewlett Packard Enterprise executive. The change reflected Nokia's desire for new leadership as the company navigated changing market conditions.

Board memberships

Corporate and industry roles:

• Nokia Corporation - Board of Directors (during CEO tenure)
• European Round Table for Industry - Member (former)
• Confederation of Finnish Industries - Board Member (former)

Personal life

Lundmark is married and resides in the Helsinki area. He maintains privacy regarding his family and personal life.

He is fluent in Finnish (native), English, and Swedish - reflecting Finland's official bilingual status.

See also

• Nokia
• 5G
• Telecommunications equipment
• Finnish technology companies

External links

• Nokia Leadership (archived)
• Bloomberg Profile