Nokia names Intels AI, Data Center Head as new CEO

On By Littum

Key takeaways

  • Nokia said on Monday that it has appointed Intels Justin Hotard to CEO and replaced Pekka Lundmark as the Finnish telecommunications equipment seems to be increasing its artificial intelligence business.
  • Nokia shares are rising about 1% in Monday morning trade and has risen more than 30% in the past year.
  • Hotard, who is currently leading Intel’s data center and AI group, starts its new role on April 1st.

Nokia (NOK) said on Monday that its board of directors has appointed Intel (Intc) Justin Hotard to CEO (CEO) and replaces Pekka Lundmark as the Finnish telecom equipment equipment appears to increase its artificial intelligence (AI) business.

Hotard, who is currently leading Intel’s data center and AI group, starts its new role on April 1, according to a news message.

Sari Baldauf, chairman of Nokia’s board, said Hotard had “a strong track record to accelerate growth in technology companies along with tremendous 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 struggled with losses and has fallen from its past glory as it fell behind the manufacture and design of advanced chips against AI Darling Nvidia (NVDA). Hotard’s exit from Intel follows the sudden departure in December by the company’s CEO, Pat Gelsinger.

Nokia shares are rising about 1% in Monday morning trade and has risen more than 30% in the past year. Hotard’s appointment also comes after the Finnish telecommunications company had a decrease in 9% in net sales last year.