Finnish telecom giant Nokia announced a leadership change, with Pekka Lundmark stepping down as CEO and Intel executive Justin Hotard taking over. The move signals a strategic shift towards data centers and AI, key growth areas for the company.
Finnish telecommunications giant Nokia announced Monday that Pekka Lundmark will step down as Chief Executive Officer, with Justin Hotard appointed as his successor. Hotard, currently the Executive Vice President and General Manager of Intel 's Data Center & AI Group, will assume the role on April 1st.
Nokia's Board Chair, Sari Baldauf, highlighted Hotard's strong track record in accelerating growth within technology companies and his extensive expertise in AI and data center markets, areas deemed crucial for Nokia's future success. Telecom equipment manufacturers, grappling with declining 5G equipment sales, are actively seeking diversification strategies and opportunities within burgeoning sectors like artificial intelligence. The CEO transition was met with surprise by JPMorgan analysts, who acknowledged Lundmark's success in stabilizing the company. However, they noted that the appointment of a new CEO with a background in data centers and AI clearly indicates Nokia's strategic focus on these areas. This sentiment was echoed by Inderes analysts, who view the change as a strategic shift towards Nokia's Network Infrastructure unit, where data center and AI investments are driving new growth opportunities. Notably, last year, Nokia made a $2.3 billion acquisition of U.S.-based optical networking gear maker Infinera, aiming to capitalize on the surge in data center investments fueled by the rise of artificial intelligence. Lundmark, who took the helm of Nokia in 2020, will remain as an advisor to Hotard until the end of the year.
NOKIA CEO JUSTIN HOTARD INTEL AI DATA CENTERS TELECOMS LEADERSHIP CHANGE
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