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Investing.com -- Nokia (HE:NOKIA) in a statement said it has appointed Justin Hotard as its new President and CEO, succeeding Pekka Lundmark effective April 1, sending its shares up by over 2% on Monday.
Justin Hotard, currently leading Intel (NASDAQ:INTC)’s Data Center & AI Group and with over 25 years in technology, including senior roles at Hewlett Packard Enterprise (NYSE:HPE) and NCR (NYSE:VYX) Corporation, will be based at Nokia’s Espoo, Finland headquarters.
“He (Justin 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,” said Sari Baldauf, Chair of Nokia’s Board of Directors, in a statement.
Pekka Lundmark, the Finnish telecommunications company’s CEO since 2020, will step down on March 31, remaining as an advisor to his successor, Justin Hotard, until year’s end; Nokia credits Lundmark with successfully leading the company’s restructuring and 5G network expansion.
“Pekka joined at a difficult time in Nokia’s history. Under his tenure, Nokia has re-established its technology leadership in 5G radio networks and built a strong position in cloud-native core networks. Network Infrastructure has delivered growth and significant profit improvement, and Nokia has secured the longevity of its patent licensing business," Baldauf said.
As the telecommunications industry faces rapid changes with the advancement of AI, cloud computing, and next-generation networks, Hotard is expected to steer Nokia through its next phase of evolution.
The leadership transition marks a shift for Nokia as it looks to maintain its competitive position in the global market.
The company has faced challenges in recent years, including supply chain disruptions and increasing competition in the 5G sector, but remains a key player in telecommunications and network infrastructure.