Nokia has announced the appointment of Justin Hotard, an Intel executive, as the company’s new President and CEO, effective April 1. Hotard, currently heading AI and data centers at Intel, takes over from Pekka Lundmark, who has led Nokia since 2020 and will remain as an advisor to the new CEO until the end of the year.
Lundmark’s departure marks a significant transition for Nokia. Under his leadership, the company regained its position as a leader in 5G radio networks and made significant progress in cloud-native core networks and network infrastructure. Notably, during his tenure, Nokia saw strong growth and improved profitability, including a 9% year-on-year increase in Q4 2024 net sales, reaching €6 billion and a net profit of €813 million.
Sari Baldauf, Chair of Nokia’s Board, praised Hotard’s extensive experience in accelerating growth in tech companies, particularly in AI and data center markets—key areas for Nokia’s ongoing expansion. With his expertise, Hotard is expected to drive Nokia’s next phase of growth, especially in areas where AI and data infrastructure are poised to become increasingly central.
Industry analyst Ian Fogg suggested that the leadership change could signal a shift in Nokia’s strategy, potentially focusing more on AI-driven initiatives. He cautioned that while AI will likely take center stage, separating substantive AI developments from mere talk will be crucial in the months to come.
The CEO transition comes after a period of profitability under Lundmark’s leadership, with Nokia in a stronger position to face market challenges moving into 2025.
