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Photo: Zhang Yang/Huanqiu.com/VCG via Getty Images

Nokia chief executive and president Rajeev Suri will step down on Sept. 1 and be replaced by Fortum CEO Pekka Lundmark, the company announced on Monday.

Why it matters: Nokia is one of only a few companies that make gear for 5G and other cellular networks, an area of increasing geopolitical focus — and growing competition among these companies. It has also reportedly hired advisers to consider strategic moves like a merger or asset sales.

Between the lines: Nokia has struggled in the face of intense competition from its rivals and has reported weaker results in recent quarters.

  • The CEO switch also comes after Suri indicated to the board that he wanted to step down, setting off a search for his replacement.

Pekka Lundmark, currently CEO and president of Finnish energy company Fortum, previously held the same position at Konecranes, which manufactures and services cranes and other lifting equipment.

  • He also spent the '90s as an executive at Nokia.

Go deeper

More than a dozen injured in downtown Austin shooting

Police tape in Austin, Texas in 2018. Photo: y Carolyn Van Houten/The Washington Post via Getty Images

A shooting in a busy part of downtown Austin, Texas, early Saturday injured at least 13 people, including two who are in critical condition.

The state of play: Gunfire erupted around 1:30 a.m. along 6th Street, a popular area with bars and restaurants. The suspected shooter remains at large, Austin police said. "It is unknown if there is one, or multiple suspects involved," they noted, adding the shooting appears to be an isolated incident.

Biden to urge G7 to take unified approach to countering China

Photo: Hollie Adams/Bloomberg via Getty Images

President Biden on Saturday is expected to urge fellow G7 leaders to adopt a unified approach to countering China's rising global influence, AP reports.

Driving the news: The G7 leaders are set to unveil a multi-billion-dollar global infrastructure plan aimed at rivaling Beijing's efforts in the developing world.

Why America's post-vaccine summer is off to a slow start

Illustration: Sarah Grillo/Axios

Americans are itching to put pandemic life behind them, but many of the necessary ingredients for a summer of carefree fun — everything from neighborhood pools to car rentals — still aren't fully available.

The big picture: Labor shortages, scrambled supply chains and simple logistics are all making it harder for a whole range of businesses to meet post-pandemic demand, and that’s making “hot vax summer” a little harder to pull off.