Nokia CEO Lundmark Steps Down

Nokia CEO Pekka Lundmark decided to step down and move on to the next phase of his career. The company named Intel executive Justin Hotard as president and CEO. Hotard is currently the head of AI and data centers at Intel and will start the new role on 1 April. Lundmark will continue as an adviser to the new CEO until the end of the year.

Chair of Nokia’s board Sari Baldauf noted Hotard has a strong track record of accelerating growth in technology companies and vast expertise in AI and data center markets, which are critical areas for its growth. She added under Lundmark’s tenure, Nokia re-established its leadership in 5G radio networks, built a strong position in cloud-native core networks and network infrastructure delivered growth and significant profit improvement.

Lundmark joined the company during a challenging period in 2020 when profit and its share price were falling. On an earnings call in late January, Lundmark said he was bullish about an improvement in market trends going into 2025. In 4Q24, net sales at a constant currency grew 9% to €6 billion, with a net profit of €813 million compared with a €33 million loss in 4Q23.