"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," he said.
Nokia's board worked closely with Suri to develop internal candidates and identify external candidates.
Currently President and CEO of Fortum, a leading energy company based in Espoo, Finland, Lundmark is expected to start in his new role on September 1, the company said in a statement.
"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," said Risto Siilasmaa, Nokia Board Chair.
"On behalf of the entire Board of Directors, I would like to thank Rajeev for his many contributions to Nokia, where he has served with both honor and distinction," Siilasmaa added.
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.
"I look forward to working with him (Lundmark) on a smooth transition and wish him the best success in his new role," said Suri.
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