Finnish telecommunications firm Nokia announced on Monday morning that Pekka Lundmark has stepped down as CEO, and that Justin Hotard has been appointed as his successor.
"Hotard joins Nokia with more than 25 years’ experience with global technology companies, driving innovation, technology leadership and delivering revenue growth. He currently leads the Data Center & AI Group at Intel," a Nokia press release said.
The statement added that Hotard will take up the position from 1 April, and he will be stationed at Nokia's HQ in Espoo.
“Networks are the backbone that power society and businesses, and enable generational technology shifts like the one we are currently experiencing in AI. I am excited to get started and look forward to continuing Nokia’s transformation journey to maximize its potential for growth and value creation,” Hotard said, noting that it was an "honour" for him to be appointed to the position of Nokia CEO.
The Financial Times reported in September that Nokia was searching for a replacement for Lundmark due to "falling sales", although the company denied this was the case at the time.
Lundmark has served as President and CEO of Nokia since 2020, and Yle understands he will continue as an advisor to the new CEO until the end of this year.
In Nokia's press release, Lundmark said he decided to step down in order to move his career in a different direction.
"This is the right time for me to move on. I have led listed companies for more than two decades and although I do not plan to stop working, I want to move on from executive roles to work in a different capacity, such as a board professional," he said.
The All Points North podcast looked back at the time when Nokia led a global communications revolution. Listen to the episode via this embedded player, on Yle Areena, via Apple, Spotify or wherever you get your podcasts.
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