Nokia has named Justin Hotard as its new CEO, succeeding Pekka Lundmark, who will step down from the role, the company announced on Monday.
Hotard, currently Executive Vice President and General Manager of Intel’s Data Center & AI Group, will assume the position on April 1. His appointment comes as telecom equipment makers, including Nokia, seek to diversify beyond 5G amid slowing network equipment sales and increased focus on artificial intelligence.
“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,” Nokia Chair Sari Baldauf said in a statement.
Lundmark, who took over as CEO in 2020, will remain as an advisor to Hotard until the end of the year. In September, Nokia had denied reports suggesting it was searching for a new CEO.
“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,” Baldauf added.
