Nokia CEO Rajeev Suri is stepping down

The Finnish telecom giant says it's looking to the 5G era.

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Rajeev Suri will continue to serve as an adviser to Nokia's board of directors until 2021.

Markku Ulander/AFP via Getty Images

Nokia CEO and President Rajeev Suri will leave his job at the Finnish telecom-equipment maker later this year, the company said Monday. He'll be replaced by Pekka Lundmark, currently CEO and president of energy company Fortum. The move comes as Nokia has reportedly struggled to keep up with the global shift to 5G networking technology.

Suri will step down on Aug. 31 but continue to serve as an adviser to Nokia's board of directors until Jan. 1, 2021. Lundmark is expected to take over as CEO on Sept. 1. 

"I am honored to have the opportunity to lead Nokia, an extraordinary company that has so much potential and so many talented people," Lundmark said in a release. "I am confident that the company is well-positioned for the 5G era and it is my goal to ensure that we meet our commitments to our customers, employees, shareholders and other stakeholders."

Suri was named CEO of the telecom company in 2014 following Microsoft's acquisition of Nokia's handset division. Nokia is currently battling with telecom giants Ericsson and Huawei to provide equipment that powers the build out of next-gen 5G networks around the world. The Espoo, Finland-based company has fallen behind rivals and was exploring possible strategic options, including asset sales or mergers, Bloomberg reported last week. 

Watch this: 5G kind of sucked this year. Here's how it may get better. (The Daily Charge, 12/10/2019)