Nokia has announced a leadership change. Justin Hotard will take over as CEO on April 1, 2025. He replaces Pekka Lundmark, who is stepping down after leading Nokia since 2020.
Hotard brings over 25 years of experience in global technology companies. He currently leads the Data Center & AI Group at Intel. Before that, he held leadership roles at Hewlett Packard Enterprise and NCR Corporation. He will be based at Nokia’s headquarters in Espoo, Finland.
Strategic Shift Towards AI and Cloud Innovation
Nokia’s Board believes Hotard is the right choice for the future. Chair Sari Baldauf praised his expertise in AI and data centers.
“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.
“In his previous positions, and throughout the selection process, he has demonstrated the strategic insight, vision, leadership and value creation mindset required for a CEO of Nokia,” said Baldauf.
Hotard expressed excitement about leading Nokia. “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.
“I am excited to get started and look forward to continuing Nokia’s transformation journey to maximize its potential for growth and value creation,” he said.
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Pekka Lundmark Steps Down After Reshaping Nokia
Lundmark joined Nokia during a difficult time. Under his leadership, Nokia strengthened its position in 5G and cloud networks. The company also improved its patent licensing business and refreshed its brand.
Baldauf thanked him for his contributions.
“I want to thank Pekka for his significant contributions to Nokia, he will leave with our highest respect. The planning for this leadership transition was initiated when Pekka indicated to the Board that he would like to consider moving on from executive roles when the repositioning of the business was in a more advanced stage, and when the right successor had been identified. Now, both of those conditions have been met, and he has decided to step down,” she said.
Lundmark shared his reasons for leaving.
“Leading Nokia has been a privilege. When I returned to Nokia in 2020, I called it a homecoming, and it really has felt like one. I am proud of the work our brilliant team has done in re-establishing our technology leadership and competitiveness, and positioning the company for growth in data centers, private wireless and industrial edge, and defense.
“This is the right time for me to move on. I have led listed companies for more than two decades and 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. Justin is a great choice for Nokia and I look forward to working with him on a smooth transition,” said Lundmark.
Lundmark will step down on March 31, 2025. He will remain an advisor to Hotard until the end of the year.