Suri will take up the role as of May 1 2014, replacing Stephen Elop, who stepped down in September last year and moved to Microsoft as EVP for the Microsoft devices group division.
The final sale price for Nokia's mobile phone business to US-based Microsoft, along with licences for its patents, was slightly above the previously announced price of €5.44 billion.
"Nokia has a strong and proven team of leaders," said Suri. "We intend to move fast to further refine our execution plan, build the right company culture and institute the necessary operational governance and performance management systems."
Risto Siilasmaa has been serving as interim CEO, and will return to his role as chairman of Nokia's board of directors.
"As Nokia opens this new chapter, the Nokia Board and I are confident that Rajeev is the right person to lead the company forward," said Siilasmaa. "He has a proven ability to create strategic clarity, drive innovation and growth, ensure disciplined execution and deliver results."
At the same time, the company announced that it is dropping the brand name Nokia Solutions and Networks, and will instead adopt Nokia Networks as a new identity.
Nokia has announced a new strategy focussing on its remaining three areas: mobile broadband infrastructure and services, location business, and an intellectual property division.
"Nokia's strategy is to develop its three businesses in order to realise its vision of being a technology leader in a connected world and, in turn, create long-term shareholder value," said Suri.
