Intel loses another top executive as Nokia hires AI and data centers chief as new CEO.

Pekka Lundmark, who has served as CEO and president of Nokia for four and a half years, has announced that he will step down from his position in the coming weeks. The company has already confirmed that Justin Hotard will be his successor, starting April 1, 2025. Hotard, who is currently the executive vice president and general manager of the Data Center & AI business group at Intel, takes on this new challenge after a year at the company.

Before his time at Intel, Hotard worked for eight and a half years at HPE, where he spent the last three years leading the HPC and AI business group. Sari Baldauf, chairwoman of Nokia's Board of Directors, praised Hotard's track record, highlighting his ability to drive growth in technology companies and his experience in the fields of artificial intelligence and data centers, both key areas for Nokia's future.

The new CEO, who has worked in various U.S. cities including Santa Clara, San Francisco, New York, and Houston, as well as in Beijing and Tokyo, will establish his office at Nokia's headquarters in Espoo, Finland. In this regard, Hotard expressed his honor in leading a renowned connectivity company and emphasized the importance of networks in the operation of society and business, especially in the context of the technological transformation we are experiencing with AI.

Following the announcement of his succession, Nokia's shares rose by 1.6%, exceeding the broader Helsinki stock index’s performance by three times. Meanwhile, Lundmark has indicated that he does not plan to retire from work completely, as he intends to step away from executive roles and take on a position on boards of directors. After his departure as CEO on March 31, 2025, he will continue as an advisor to Hotard until the end of the year.