Nokia has revealed that Justin Hotard will assume the role of Chief Executive Officer (CEO) beginning April 1, 2025. He will succeed Pekka Lundmark, who has been at the helm since 2020.
Who is Justin Hotard?
Born in 1974, Justin Hotard is a seasoned professional in the tech industry, boasting more than 25 years of experience. He earned his MBA from the MIT Sloan School of Management and completed his Bachelor’s degree in Electrical Engineering at the University of Illinois Urbana Champaign.
Hotard has been affiliated with leading technology companies, including:
- Intel – (He is currently the Executive Vice President and General Manager of the Data Center & AI Group)
- Hewlett Packard Enterprise
- NCR Corporation.
Reasons for Nokia’s Selection of Hotard as CEO
Sari Baldauf, Chair of Nokia, stated that Hotard’s skills in AI and data centres will be pivotal for the company’s future. She emphasized his capability to foster growth in tech organizations, making him an ideal candidate for Nokia’s upcoming chapter.
“I am honoured by the opportunity to lead Nokia, a global leader in connectivity with a unique technological heritage. Networks are the backbone that powers 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,” said Justin Hotard.
Pekka Lundmark’s Exit
Lundmark, who became Nokia’s CEO in 2020, has played a crucial role in redefining the organization. Although he is stepping down, he will continue to serve as an advisor to Hotard until the conclusion of 2025.
In September 2024, Nokia had dismissed speculations regarding a change in CEO. However, the company later verified that Lundmark had communicated his intention to resign to the Board, facilitating a smooth transition with an appropriate successor.
This change in leadership occurs at a pivotal moment as Nokia directs its focus towards AI, data centres, and emerging technologies to enhance its competitive standing.
“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 our brilliant team’s work in re-establishing our technology leadership and competitiveness and positioning the company for growth in data centres, private wireless and industrial edge, and defence. 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 Nokia’s President and CEO Pekka Lundmark.