Nokia names Intel exec Justin Hotard as new CEO, succeeding Pekka Lundmark

Nokia said on Monday it has appointed Justin Hotard, head of Intel’s Data Center & AI Group, as its new President and Chief Executive Officer, succeeding Pekka Lundmark, who will step down after leading the Finnish telecom equipment maker since 2020.

Hotard will assume the role on April 1, Nokia said in a statement.

He brings over 25 years of experience in global technology firms, including leadership roles at Hewlett Packard Enterprise and NCR Corporation, and will be based at the company’s headquarters in Espoo, Finland.

“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,” said Sari Baldauf, Chair of Nokia’s Board of Directors.

Lundmark, who will step down on March 31, will continue as an advisor to Hotard until the end of 2025. He had indicated to the board his intention to move on from executive roles once Nokia’s business repositioning was more advanced and a successor identified.

“Leading Nokia has been a privilege,” Lundmark said. “This is the right time for me to move on.”

He plans to focus on board roles after a career spanning more than two decades in executive leadership.

Under Lundmark’s tenure, Nokia regained its technology leadership in 5G radio networks, strengthened its position in cloud-native core networks, and improved profitability in its network infrastructure segment, according to Baldauf. The company also refreshed its brand and culture while expanding into new growth areas, including data centers and defence.

Hotard said he was honoured to lead Nokia, highlighting the importance of networks in enabling technological shifts such as AI. “I am excited to get started and look forward to continuing Nokia’s transformation journey to maximise its potential for growth and value creation,” he said.