Nokia Names Justin Hotard As CEO, Replacing Pekka Lundmark

(RTTNews) - Nokia (NOK) announced Monday the appointment of Justin Hotard as its new CEO, effective April 1, replacing Pekka Lundmark.

Hotard, currently leading Intel's (INTC) Data Center & AI Group, brings expertise in AI and data center technologies, which are key areas for Nokia's future growth.

Board chair Sari Baldauf emphasized Hotard's strong track record in technology and AI markets. His move follows Intel's struggles in chip manufacturing and leadership shifts, including CEO Pat Gelsinger's departure in December.

Nokia's appointment aligns with its strategy to expand AI-driven network infrastructure, responding to declining 5G equipment sales. Analysts at JPMorgan view the leadership change as a clear signal of Nokia's focus on AI and data centers. The transition also follows Nokia's $2.3 billion acquisition of U.S.-based Infinera to capitalize on data center investments.

Lundmark will remain as an advisor to Hotard until year-end. N

okia shares rose 1.6% on Monday, up nearly 28% over the past year, though still far below their 2000 peak. The company continues to integrate AI into its infrastructure and mobile networks divisions.