Justin Hotard, the head of AI and data centers at US chipmaker Intel, will succeed Pekka Lundmark as CEO of Nokia, a Finnish telecommunications equipment major, according to a Monday announcement.
According to a statement from the business, Lundmark, who has been CEO of Nokia since 2020, will step down on March 31.
Lundmark has “decided to step down from executive roles and move on to the next phase of his career” , according to Nokia.
“I want to move on from executive roles to work in a different capacity, such as a board professional”, Lundmark said.
According to the announcement, Hotard, the head of Intel’s data center and artificial intelligence division, has “held several leadership roles at large technology companies” in the past.
On April 1, he will become the new CEO of Nokia.
With sales soaring in North America and India during the last three months of 2024, Nokia announced an 89 percent increase in net profit last month.
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