Photo: Zhang Yang/ 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

Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,393,591 — Total deaths: 950,344— Total recoveries: 20,679,272Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,722,699 — Total deaths: 198,484 — Total recoveries: 2,556,465 — Total tests: 92,163,649Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.