Pekka Lundmark
Pekka Lundmark (born January 9, 1963) is a Finnish business executive serving as president and chief executive officer of Nokia Corporation, the Finnish multinational telecommunications and technology company. Appointed CEO in August 2020, Lundmark leads Nokia's transformation toward 5G networks, digital infrastructure, and enterprise solutions while navigating intense competition in the global telecommunications equipment market.
Early life and education
Pekka Lundmark was born on January 9, 1963, in Espoo, Finland, adjacent to Helsinki. He attended Helsinki University of Technology (now Aalto University), earning a Master of Science degree in Electrical Engineering, providing the technical foundation for his telecommunications career.
Career
Early career
Lundmark began his career at Nokia in 1990, working in various roles during Nokia's rise to become the world's largest mobile phone manufacturer in the 1990s and early 2000s. He held leadership positions in Nokia Networks and later Nokia's mobile phones division.
In 2000, Lundmark left Nokia to join Startupfactory, a Nordic venture capital firm, as managing director. He later became president and CEO of Hackman, a Finnish consumer goods company, from 2002 to 2005.
Konecranes and Fortum
From 2004 to 2015, Lundmark served as president and CEO of Konecranes, a Finnish engineering company specializing in cranes and lifting equipment. He successfully transformed the company and grew its global presence.
In 2015, Lundmark became president and CEO of Fortum, a Finnish state-owned energy company. He led Fortum's transition toward renewable energy and its controversial acquisition of German utility Uniper, which later faced challenges due to Russian gas supply disruptions.
Nokia CEO (2020-present)
In March 2020, Nokia announced Lundmark would return to the company as president and CEO, effective August 2020. He took over a Nokia struggling in the 5G equipment market against competitors Ericsson and Huawei.
Lundmark's strategy includes cost restructuring, portfolio optimization, focusing on 5G leadership, cloud and enterprise solutions, and strategic partnerships with technology companies. Under his leadership, Nokia has improved its 5G competitiveness but continues facing market share challenges.
Personal life
Lundmark is married with three children. He maintains privacy about his personal life, typical of Nordic business leaders. He is known for his straightforward communication style and engineering-focused approach to problem-solving.
Controversies
Nokia has faced criticism for layoffs under Lundmark's restructuring, loss of market share to Chinese competitors despite Western government support, and dependence on government decisions regarding Huawei restrictions for market opportunities.