Finnish telecommunications giant Nokia has announced that President and CEO Pekka Lundmark will step down from his role on March 31, 2025. Lundmark will continue as an advisor to his successor until the end of the year.

The company has appointed Justin Hotard, currently leading the Data Center and Artificial Intelligence (AI) Group at Intel, as the next President and CEO. He will assume the position on April 1, 2025.

Lundmark, who took over as CEO in 2020, had previously informed Nokia’s Board of Directors that he intended to transition out of executive roles once the company’s repositioning strategy was at a more advanced stage and the right successor had been identified. Sari Baldauf, Chair of Nokia’s Board of Directors, confirmed that the company had been preparing for this transition and was confident in Hotard’s ability to lead Nokia into its next phase of growth.

Pekka Lundmark joined Nokia during a challenging period in the company’s history, steering it through significant transformations in the telecommunications industry. Under his leadership, Nokia strengthened its position in 5G radio networks and developed a robust presence in cloud-native core networks, private wireless, data centers, industrial applications, and defense technology.

In addition to these achievements, Lundmark oversaw a comprehensive restructuring of Nokia’s operations, including the modernization of its brand and corporate culture, an overhaul of its operating model, and the rebalancing of its portfolio. These efforts positioned Nokia as a key player in next-generation network technologies and emerging growth markets.

Justin Hotard brings over 25 years of experience in global technology leadership, with deep expertise in AI, cloud computing, and data centers—critical areas for Nokia’s future growth. At Intel, he led the Data Center and AI Group, focusing on accelerating advancements in AI-driven infrastructure.

“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,” said Baldauf.

Prior to Intel, Hotard held key leadership roles at Hewlett Packard Enterprise (HPE), where he served as Executive Vice President and General Manager of High-Performance Computing, AI & Labs, as well as President and Managing Director for Japan and China. His experience also includes leadership positions at NCR Corporation, where he oversaw the Global Small Business Cloud Platform, and Symbol Technologies, later acquired by Motorola Inc.

Hotard holds 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.

Expressing his enthusiasm for the new role, Hotard stated, “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 to continuing Nokia’s transformation journey to maximize its potential for growth and value creation.”

As Nokia prepares for this leadership transition, industry analysts will closely watch how Hotard steers the company through an increasingly competitive telecommunications landscape, particularly in the rapidly evolving AI and data infrastructure sectors.