Nokia Taps Intel's AI Executive As New CEO - Details - Nokia (NYSE:NOK)

Nokia Inc. NOK revealed a change in leadership as its President and CEO, Pekka Lundmark, is set to step down from his role. His replacement, Justin Hotard, is set to assume the position of President and CEO on April 1, 2025.

Lundmark, who has guided the company since 2020, will officially depart on March 31, 2025. Lundmark will remain involved as an advisor to Hotard throughout the remainder of 2025.

Hotard has more than 25 years of experience in the global tech industry, including leadership roles at prominent companies such as Intel Corp, Hewlett Packard Enterprise Co, and NCR Corporation.

Currently, he heads Intel’s Data Center & AI Group, driving innovation, technological leadership, and strategies focused on growth.

Hotard will be based at Nokia’s headquarters in Espoo, Finland.

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The leadership change follows a period of significant transformation at Nokia under Lundmark’s guidance, as the company worked to solidify its standing in the tech sector.

“Pekka joined at a difficult time in Nokia’s history. Under his tenure, Nokia has re-established its technology leadership in 5G radio networks and built a strong position in cloud-native core networks. Network Infrastructure has delivered growth and significant profit improvement, and Nokia has secured the longevity of its patent licensing business,” said Chair of Nokia’s Board of Directors, Sari Baldauf.

“I am delighted to welcome Justin to Nokia. He has a strong track record of accelerating growth in technology companies along with vast expertise in AI and data center markets, which are critical areas for Nokia’s future growth.”

Last month, Nokia reported net sales growth of 10% year-on-year to 5.98 billion euros ($6.39 billion) in the fourth-quarter, beating the consensus estimate of $6.17 billion, indicating a rebound in demand from communication service providers, particularly in North America.

Established in 1865, Nokia is a prominent player in the telecommunications and consumer electronics sectors, focusing on mobile networks, software, and tech solutions.

Price Action: NOK shares closed higher by 0.42% at $4.81 on Friday.

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