FILE PHOTO: Pekka Lundmark, when president and CEO of Finnish utility company Fortum, poses after a news conference in Duesseldorf, Germany, October 8, 2019. “Nokia’s performance has not met our expectations in recent times and of course that is a disappointment, but we look at this over the long run,” Antti Makinen, CEO of Solidium, the Finnish government’s investment firm, told Reuters. “The previous management had become a burden,” he added.
Under Suri, Nokia last year slashed its profit outlook and halted dividend payouts, after product missteps that hurt its 5G ambitions and knocked more than a fifth off its market value. “We believe the (CEO) exchange alone will have a good effect,” Makinen said. “We have high expectations of Nokia and the new management that the potential we see in it will be realised.