Lundmark Steps Down as Nokia CEO, Replaced by Intel Executive
In a surprise move, Nokia announced Monday that President and CEO Pekka Lundmark will leave March 31 and will be replaced by Justin Hotard, currently the leader of Intel’s Data Center and AI Group. Lundmark has led the Finnish company…
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for five years and will stay on as an adviser through the end of 2025. “When I returned to the company in 2020, I called it a homecoming, and it really has felt like one,” Lundmark said on LinkedIn Monday. “I’m proud of the work our brilliant team has done in re-establishing our competitiveness and technology leadership, and in positioning the company for growth in data centers, private wireless and industrial edge, and defense.” Sari Baldauf, chair of Nokia’s board, noted Lundmark joined the company at a difficult time. “Under his tenure, Nokia has re-established its technology leadership in 5G radio networks and built a strong position in cloud-native core networks,” she said. “Network Infrastructure has delivered growth and significant profit improvement, and Nokia has secured the longevity of its patent licensing business.”