Nokia Names Intel’s AI, Data Center Head as New CEO

KEY TAKEAWAYS

• Nokia said Monday that it has appointed Intel’s Justin Hotard as CEO, replacing Pekka Lundmark, as the Finnish telecoms equipment maker looks to beef up its artificial intelligence business.
• Nokia shares are rising around 1% in Monday morning trading and are up more than 30% in the past year.  
• Hotard, who currently leads Intel’s data center and AI group, will start his new role on April 1. 

Nokia (NOK) said Monday that its board has appointed Intel’s (INTC) Justin Hotard as  Chief Executive Officer (CEO), replacing Pekka Lundmark, as the Finnish telecoms equipment maker looks to beef up its artificial intelligence (AI) business.

Hotard, who currently leads Intel’s data center and AI group,  will start his new role on April 1, according to a news release. 

Sari Baldauf, chair of Nokia’s board of directors, said Hotard had “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.”

Lundmark became CEO of Nokia in August 2020. 

Intel (INTC) has been struggling with losses and has fallen from its former glory as it fell behind on manufacturing and designing cutting-edge chips against AI darling Nvidia (NVDA). Hotard’s exit from Intel follows the abrupt departure in December of the company’s CEO, Pat Gelsinger.

Nokia shares are rising around 1% in Monday morning trading and are up more than 30% in the past year. Hotard’s appointment also comes after the Finnish telecommunications company posted a 9% drop in net sales last year.