Nokia has announced a significant leadership change, appointing Justin Hotard as its new CEO to replace Pekka Lundmark. Hotard, who previously served as the head of Intel’s data center and artificial intelligence business, will take over the role on April 1, 2025. Lundmark, who has been Nokia’s CEO for more than four years, will step down on March 31 and continue as an advisor to Hotard until the end of the year.
The decision to change leadership comes as Nokia struggles to lift sales and share price amid intense competition in the telecom sector. Sari Baldauf, Chair of Nokia’s Board of Directors, stated, “The decision to change the leadership was not taken lightly.
Nokia appoints new CEO
We recognize the dedication and efforts Pekka has put in during his tenure. However, the board felt a change in leadership is necessary to accelerate our growth and enhance shareholder value.”
Hotard, a US national, brings expertise in data centers and AI from his experience at Intel, where he oversaw some of the company’s most important products, including the Xeon server processors. His background aligns with Nokia’s focus on expanding into data centers and leveraging new technologies to spur growth.
In an interview, Hotard expressed his enthusiasm for joining Nokia as CEO, saying, “Spending time deeply understanding the company, I just became really intrigued with the company and the opportunity it has in the AI era.”
Despite the leadership change, Hotard indicated that he plans to stay the course initially, maintaining discipline on pricing in the mobile networks business and focusing on growing through strong customer relationships and investments in other areas. Nokia has been working to streamline its operations and invest heavily in 5G technology, but these efforts have not yet translated into the anticipated financial performance, prompting the leadership overhaul. With Hotard at the helm, Nokia hopes to pivot towards more innovative strategies to regain its standing as a leader in global telecommunications.
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