Telenor has named Pekka Lundmark, the former CEO of Nokia, as independent chairman of Telenor Connexion, the Norwegian operator's IoT business, as part of a wider leadership shake-up designed to accelerate growth at the unit.

The appointment signals how seriously Telenor is treating its IoT arm following the strategic partnership with private equity firm Verdane that launched in May this year. Lundmark brings heavyweight credentials: before Nokia, he led Finnish energy company Fortum and lifting-equipment maker Konecranes.

Who else joins the board?

Lundmark will not work alone. Telenor Connexion is adding two further board members with direct IoT operating experience:

• Ingrid Wistrand — co-founder of Tele2 IoT, where she served as CEO, and later Chief Operating Officer at Deutsche Telekom IoT.
• Morten Weicher — representing Verdane, with a background in acquisitions and helping technology companies expand into new markets.

Three existing directors — Dan Ouchterlony, Tom Hvammen and Liv Ingeborg Blekkerud — remain on the board, preserving Telenor's presence in the business.

The reshuffle extends beyond the boardroom. Telenor Connexion has also appointed Jesper Bruksner as chief HR officer. Bruksner previously held leadership roles at Swedish technology companies Klarna, the payments group, and Kry, the digital healthcare provider. His remit covers recruitment, staff development and supporting the company's expansion plans.

What does the Verdane partnership cover?

The May agreement between Telenor Group and Verdane set three broad objectives for Telenor Connexion: strengthening its IoT services, reaching more international customers and pursuing selected acquisitions. The board changes represent the first concrete personnel move under that deal.

Telenor Connexion CEO Mats Lundquist framed the appointments explicitly in that context. "This is the first visible step in the strategic partnership between Telenor Group and Verdane, and it underlines our ambition to accelerate from a strong starting point," he said.

Lundquist added that the combined strengths of Telenor and Verdane create what he called a unique opportunity to bring more innovation to customers and strengthen the company's position as a leading global IoT service provider.

Management heavyweights for a crowded market

The recruitment of a former Nokia CEO as chairman is an unusually senior appointment for an operator subsidiary, and it reflects the competitive dynamics of the European IoT connectivity market. Wistrand's arrival adds insider knowledge from two of Telenor Connexion's direct rivals — Tele2 IoT and Deutsche Telekom IoT — while Weicher's M&A background aligns with the acquisition strategy outlined in the Verdane partnership.

For Lundmark, the role represents one of his first public positions since stepping down from the Nokia top job. His experience leading a global network vendor through the 5G era gives Telenor Connexion vendor-side perspective as it builds out its IoT service portfolio.

Bruksner's hiring points to expected headcount growth. A chief HR officer tasked specifically with recruitment and staff development typically signals a company preparing to scale, and Telenor Connexion has tied his mandate directly to its expansion plans.

Whether the new leadership can convert boardroom pedigree into international growth will become clearer as the Verdane partnership moves from governance changes to the acquisitions and service launches it was designed to deliver.