Nokia CEO Pekka Lundmark to Step Down in March; Know About Incoming Head Justin Hotard

Justin Hotard is set to take charge as Nokia’s new CEO and President, as the current leader Pekka Lundmark, will step down on March 31. To ensure a smooth transition of roles and responsibilities, Lundmark will continue to serve as an advisor until the end of 2025, the Finland-based electronics company announced on Monday. 

“Nokia today announced a leadership transition. Nokia’s President and Chief Executive Officer, Pekka Lundmark, has informed the board that he will step down. The board has appointed Justin Hotard as the next President and Chief Executive Officer of Nokia. He will start in his new role on 1 April 2025,” said Nokia in a statement on January 10. 

Hotard, who currently serves as an executive Vice President of Intel’s Data Center and AI Business Group, mentioned his excitement to head Nokia. Networks are the backbone that fuels both society and businesses, and Nokia’s role to maximise its potential to drive growth from it will be an exciting journey, Hotard said, according to the company’s statement. 

“I am honored by the opportunity to lead Nokia,” said Hotard. 

Who is Justin Hotard? 

Justin Hotard holds a bachelor's degree in electrical engineering from the University of Illinois and an MBA from the MIT Sloan School of Management. He has nearly 25 years of experience in the global technology industry. He has worked with tech majors like Motorola and Intel, across the globe, including Japan, China and the US. 

His appointment comes at a time when Finland-based equipments manufacturer is reportedly struggling on revenue fronts and the current leadership failed to turn things around for the company.  

“We have a growth problem, pure and simple. Pekka was not able to solve it, so we need somebody else,” the Financial Times reported earlier, citing a source. 

However, the company delivered better than estimated results in the fourth quarter of the financial year 2024 driven by strong demand for telecom equipment in North America and India. Its Q4 net sales surged 10% to $6.2 billion.w