Pekka Lundmark, Nokia’s president and CEO, informed the company’s board of directors that he will step down on March 31 after five years. As a result, the board named Justin Hotard to fill these roles, effective April 1, with Lundmark to continue as an advisor to the new CEO until year’s end.
Hotard joins Nokia with over 25 years of experience with global technology companies, driving innovation, technology leadership and revenue growth. He currently oversees Intel’s data center and AI group, and has held leadership positions with HPE and NCR. He will be based at Nokia’s headquarters in Espoo, Finland.
“I am delighted to welcome Justin to Nokia,” said company chairperson, Sari Baldauf. “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.”
“I am honored by the opportunity to lead Nokia, a global leader in connectivity with a unique heritage in technology,” said Hotard. “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.”
“I want to thank Pekka for his significant contributions to Nokia, he will leave with our highest respect,” said Baldauf. “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. 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. At the same time, Nokia has built strong foundations in new growth areas, refreshed the company’s brand and culture, transformed its operating model and rebalanced its portfolio.”
“Leading Nokia has been a privilege,” said Lundmark. “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.”
