ESPOO, Finland — Nokia Corporation has announced the appointment of Justin Hotard as its new President and Chief Executive Officer, effective April 1, 2025. Hotard succeeds Pekka Lundmark, who will step down after leading the company since 2020. Lundmark will remain with Nokia as an advisor until the end of the year to ensure a smooth transition.
Hotard brings over 25 years of experience in the technology sector, with a strong background in artificial intelligence (AI), data centers, and high-performance computing. Prior to joining Nokia, he served as Executive Vice President and General Manager of Intel’s Data Center and AI Group. Before his tenure at Intel, Hotard held several leadership positions at Hewlett Packard Enterprise (HPE), including Executive Vice President and General Manager of High-Performance Computing, AI & Labs. His earlier career includes roles at NCR Corporation and Motorola.
Sari Baldauf, Chair of Nokia’s Board of Directors, expressed confidence in Hotard’s appointment, stating, “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.”
Hotard’s appointment comes at a pivotal time for Nokia, as the company seeks to expand its presence in AI-driven network infrastructure. In 2024, Nokia acquired U.S.-based optical networking firm Infinera for $2.3 billion, aiming to capitalize on the growing demand for data center investments fueled by AI advancements. This strategic move aligns with Nokia’s focus on enhancing its Network Infrastructure unit, which has been identified as a key growth area.
Under Lundmark’s leadership, Nokia underwent significant transformation, re-establishing its technology leadership in 5G radio networks and building a strong position in cloud-native core networks. The company also reported a 10% increase in fourth-quarter sales in 2024, despite a 9% decline in net sales for the year. Lundmark’s efforts laid the groundwork for Nokia’s future growth in data centers, private wireless, industrial edge, and defense sectors.
In a statement, Hotard expressed his enthusiasm for leading Nokia into its next phase of innovation, saying, “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 … maximize its potential for growth and value .
Hotard holds a Bachelor of Science in Electrical Engineering from the University of Illinois Urbana-Champaign and an MBA from the MIT Sloan School of Management. He will be based at Nokia’s headquarters in Espoo, Finland.
