Lundmark is expected to start in his new role on September 1, 2020 and will be based in Espoo, Finland, the company said in a statement.
It added that Suri, Nokia's current President and CEO, had indicated to the board earlier that he was considering stepping down from his role at some point in the future, provided a solid succession plan was in place.
"Nokia's board of directors has conducted a structured process for CEO succession and has been working closely with Suri to develop internal candidates and identify external candidates. That process culminated today, March 2, 2020," it said.
Suri will leave his current position on August 31, 2020, and continue to serve as an advisor to the Nokia board until January 1, 2021, as per the statement.
Lundmark is currently President and CEO of Fortum, an energy company based in Espoo, Finland. Prior to Fortum, he has served as President and CEO of Konecranes.
Between 1990-2000, Lundmark held multiple executive positions at Nokia, including Vice President of Strategy and Business Development at Nokia Networks.
"With the acquisition of Alcatel-Lucent behind us and the world of 5G in front of us, I am pleased that Pekka has agreed to join Nokia," Risto Siilasmaa, Nokia board Chairman, said.
Lundmark has deep experience in telecommunications networks, industrial digitisation, and key markets such as the US and China; and a focus on strategic clarity, operational excellence and strong financial performance, Siilasmaa added.
"After 25 years at Nokia, I have wanted to do something different. Nokia will always be part of me, and I want to thank everyone that I have worked with over the years for helping make Nokia a better place and me a better leader," Suri said. SR ANSANS