Nokia CEO Pekka Lundmark steps down, Intel's Justin Hotard appointed successor

Lundmark had told the Board that he would like to move on from executive roles when the repositioning of the business was in a more advanced stage

Finnish tech giant Nokia's President and Chief Executive Officer (CEO) Pekka Lundmark is stepping down, the company announced on Monday, February 10, 2025.

A photo taken on October 19, 2023 shows the headquarters of Finnish telecom company Nokia in Espoo, Finland.(Jussi Nukari/Lehtikuva/AFP)

Lundmark had told the Board that he would like to move on from executive roles when the repositioning of the business was in a more advanced stage, and when the right successor had been identified, said Sari Baldauf, Chair of Nokia’s Board of Directors.

As a result, Lundmark will step down on 31 March 2025 and will continue as an advisor to his successor until the end of the year.

The next President CEO will be Intel's Justin Hotard and he will start his new role on April 1, 2025.

Pekka joined Nokia at a difficult time in its history. Under his tenure, Nokia has since established its position in 5G radio networks and has also built a strong position in cloud-native core networks.

Nokia has a significant presence in tech related to data centers, private wireless and industrial applications, as well as defense.

At the same time, Nokia has also built strong foundations in new growth areas, refreshed the company’s brand and culture, transformed its operating model and rebalanced its portfolio.

Meanwhile, Hotard comes with more than 25 years of experience with global tech companies. He currently leads the Data Center and Artificial Intelligence (AI) Group at Intel.

“He has a strong track record of accelerating growth in technology companies along with vast expertise in AI and data centre markets, which are critical areas for Nokia’s future growth," said Sari.

Before Intel, Hotard had worked with Hewlett Packard Enterprise in leadership positions such as Executive Vice President and General Manager of High Performance Computing, AI & Labs, as well as President and Managing Director of Japan and China.

He also worked at NCR Corporation as President and General Manager of the Global Small Business Cloud Platform. Before this, he had a stint at Symbol Technologies which has now been acquired by Motorola Inc., as Director of Product Management and Senior Manager of Corporate Development.

He has a Bachelor of Science in Electrical Engineering from the University of Illinois Urbana-Champaign, and a Master of Business Administration (MBA) from the MIT Sloan School of Management.

“Networks are the backbone that power society and businesses, and enable generational technology shifts like the one we are currently experiencing in AI," Hotard said. "I am excited to get started and look forward to continuing Nokia’s transformation journey to maximize its potential for growth and value creation.”