Nokia denies report on moves to replace CEO

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September 12, 2024 11:23 AM EDT

FILE PHOTO: A view shows Nokia headquarters in Espoo, Finland, October 19, 2023. JUSSI NUKARI/Lehtikuva/via REUTERS/File Photo

(Reuters) - 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.

Lundmark was appointed as Nokia's CEO in 2020.

In August, Nokia reported a 32% 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.

(Reporting by Supantha Mukherjee, Chandni Shah and Kanjyik Ghosh; Editing by Janane Venkatraman)


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