Nokia Oyj appointed a new chief financial officer, the latest step in its C-suite revamp and part of a bid to catch up with rivals in the 5G race.

Marco Wiren will join Nokia as CFO on Sept 1, the same day Pekka Lundmark starts as chief executive, the Finnish telecommunications equipment maker said on June 11. Lundmark was involved in the selection of Wiren, Nokia said.

Nokia has struggled to keep up with competitors Ericsson AB and Huawei Technologies Co in the tight race to supply operators around the world with fifth generation mobile technology. It’s suffered from product design delays and higher costs to supply equipment, which have eroded margins and depleted cash. As a result, Nokia last year halted dividend payments to increase investments into 5G technology.

Wiren joins from Wartsila Oyj, where he headed the energy business unit. He’s also held CFO roles at Wartsila, SSAB and Eltel Networks Oy.

He "has deep financial and leadership experience, a sharp focus on driving operational excellence, and a demonstrated record of success” as well as "extensive background in business-to-business and technology companies, ” Lundmark said, according to a statement.

That experience may come in handy as Nokia forges new business from the industrial applications of 5G technology. Those include private networks for enterprises, where low latency and faster speeds of the network enable more precise automation of factories with robotics and artificial intelligence, as well as the Internet of Things, which lets inanimate objects communicate over the Internet.

Kristian Pullola, CFO since 2017, will step down on Aug 31 and leave the company at year end after a transition period.

 - Bloomberg