Nokia Corporation announced that Justin Hotard will take over as President and CEO, effective April 1, 2025, marking a significant change in the company’s leadership. He will succeed Pekka Lundmark, who has led the business since 2020 but has chosen to retire.
Justin Hotard has worked in the global technology industry for more than 25 years. His most recent position was as head of Intel’s Data Centre and AI Group. He has also held executive roles at NCR Corporation and Hewlett Packard Enterprise.
The Nokia Board of Directors has expressed confidence in Justin Hotard’s leadership skills and strategic vision, which they believe align with the company’s focus on growth and value creation in the data centre and artificial intelligence (AI) markets.
Lundmark stated that the time seemed appropriate for a changeover and took pride in the team’s achievements under his direction. He intends to step down on March 31, 2025, and pursue a different line of work, possibly as a board professional.
To ensure a smooth transition, he will remain as Justin Hotard’s advisor through the end of the year. Along with the announcement, further details regarding the leadership transition were shared at a recent event for media and financial analysts.
Nokia is repositioning itself to seize new opportunities in the technology sector and is continuously evolving its business strategy to optimise growth potential during this leadership change.
Who Is Justin Hotard?
Justin Hotard has worked for major tech companies like Santa Clara and Intel during his more than 25 years in the field.
“I am eager to get started and look forward to continuing Nokia’s transformation journey to maximise its potential for growth and value creation,” the new CEO stated in a video message.
Additionally, Justin Hotard stated that he would support the company’s efforts to integrate artificial intelligence into its operations and “establish Nokia as a global leader in connectivity in the AI era.”
At present, he serves as the general manager and executive vice president of the Data Centre and AI Group.
Before his position at Intel, he worked for Hewlett Packard Enterprise and NCR Corporation. While at NCR Corporation, an IT company based in Atlanta, Justin Hotard closed several deals and made significant investments in the company.
In a single year, he completed five acquisitions totalling USD 72 million, expanding the business into markets adjacent to its self-serve offerings.
Justin Hotard graduated from the University of Illinois Urbana-Champaign with a Bachelor of Science in Electrical Engineering and earned an MBA from the MIT Sloan School of Management in Cambridge.
Nokia is seeking to streamline its operations and grow its business to offset slower growth from mobile operators. Like other telecom equipment manufacturers, the company is facing a decline in 5G gear sales and is exploring new markets while expanding into emerging sectors like AI.
Sari Baldauf, the chair of Nokia’s board of directors, stated that Justin Hotard’s experience in the AI and data centre markets will be crucial for Nokia’s future growth prospects.
According to sources cited by Bloomberg, the company is considering the future of its mobile network business and may contemplate spinning off, selling all or part of the division, or merging with a competitor.
In 2024, Nokia announced a USD 2.3 billion deal to acquire US optical networking firm Infinera, aiming to capitalise on the growing AI-driven data centre investments.
On February 10, 2025, Nokia’s shares rose 1.6% to 4.7 euros on Helsinki’s stock exchange, outpacing the market’s 0.45% gain. The company’s shares have risen 27.85% in 2024, though they remain over 90% below their June 2000 peak.
Nokia’s infrastructure division, which incorporates AI, specialises in communication systems, including data centres, servers, and routers.
Meanwhile, Nokia’s mobile networks unit focuses on mobile communication technologies, managing cell towers and advancing 5G services.
Image Credits: intc.com