- Nokia President and CEO Pekka Lundmark steps down after 4.5 years
- Intel Data Center & AI exec Justin Hotard will replace him
- Lundmark will advise Hotard until the end of the year
Nokia CEO and President Pekka Lundmark has confirmed he will be stepping down from the role in just a few weeks, and the telecoms giant has already confirmed its next leader.
Justin Hotard, who will be taking over from Lundmark from April 1, 2025, will move on from his year-long role as Intel’s EVP and GM for Data Center & AI Business Group.
Prior to that, Hotard spent eight-and-a-half years at HPE – his last three years at the company was spent leading its HPC & AI Business Group.
Nokia’s next CEO comes from Intel, HPE
“[Hotard] 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,” commented Sari Baldauf, Chair of Nokia’s Board of Directors.
Hotard, who has spent time working across the US in cities like Santa Clara, San Francisco, New York and Houston, as well as international locations like Beijing and Tokyo, will now be based at Nokia’s headquarters in Espoo, Finland.
The new CEO added: “I am honored by the opportunity to lead Nokia, a global leader in connectivity with a unique heritage in technology. Networks are the backbone that power society and businesses, and enable generational technology shifts like the one we are currently experiencing in AI.”
Shares rose 1.6% after the announcement, around 3.5x higher than the broader Helsinki stock exchange (via Reuters).
Lundmark indicated his intention to retire from similar roles: “Although I do not plan to stop working, I want to move on from executive roles to work in a different capacity, such as a board professional.”
After stepping down as CEO from March 31, 2025, he will continue to serve as an advisor for Hotard until the end of the year.
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