Nokia appoints Intel AI head as new CEO

Details: Manny Pham; Category: Vendors; 10 February 2025; 21069 views

Nokia has announced that CEO Pekka Lundmark (pictured) will depart this year to make way for Intel executive Justin Hotard, in a move seemingly aimed at sharpening its expertise in AI and data centres.

In a statement, the Finnish vendor said Hotard will take the reins on 1 April. At Intel, he currently leads the Data Center & AI Group and has previously worked at Hewlett Packard Enterprise and software firm NCR Corporation in a career spanning 25 years.

Sari Baldauf, Chair of Nokia’s Board of Directors, highlighted Hotard’s expertise in AI and data centres, describing them as “critical areas for Nokia’s future growth.”

Outgoing CEO Lundmark joined Nokia in 2020 and will “move on to the next phase of his career” after five years at the helm. In a LinkedIn post, Lundmark did not detail his next move but stated he is seeking a role as a “board professional.”

Lundmark was brought in to turn around Nokia’s fortunes as its share price and profits were in decline. In Nokia’s recent Q4 2024 results, it reported a profit of €813 million compared to a €33 million loss the previous year.

“The planning for this leadership transition was initiated when I indicated to the Board that I would like to consider moving on from executive roles once the repositioning of the business was at a more advanced stage, and when the right successor had been identified. Now that both of those conditions have been met, I have decided it is the right time to step down,” said Lundmark.