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Home » Intel chief of Intel leaves to manage Nokia after a year on work
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Intel chief of Intel leaves to manage Nokia after a year on work

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(Bloomberg) – Nokia Oyj will replace the chief executive, Pekka Lundmark, with the recently named artificial intelligence chief of Intel Corp., Justin Hotard, while the network of network equipment works to leave a prolonged collapse in the Orders of telephone operators.

Most of Bloomberg

Lundmark, 61, will resign on March 31 after more than four years in the role, and Hotard will resume the next day, the company based in Espoo, in a statement. The outgoing CEO will continue until the end of the year as a Hotard advisor, 50.

Intel recruited Hotard a little over a year ago from Hewlett Packard Enterprise Co. to direct its data center and AI group, bringing an outsider to a division that was crucial for the rectification efforts of the flea manufacturer. At Intel, he supervised some of the most important products in the company, including XEON server processors which were formerly dominant in data centers but who have lost sharing to compete with offers and internal efforts of customers . He is an American national and will be based at the Nokia headquarters in Espoo.

Hotard’s experience at Intel gives him expertise in a company that Nokia hoped will stimulate growth. Nokia has known in recent years with a low investment of operators in the 5G mobile equipment of the next generation and increasing competition, in particular by losing a Key AT&T contract inc. worth $ 14 billion in the Swedish rival Ericsson Ab . However, Lundmark said last month that the company was starting to see signs of growth in North America, a Belwether for telecommunications spending worldwide.

“The transition from Nokia CEO is a surprise since Pekka Lundmark managed to” stabilize the ship “,” said Jpmorgan Chase & Co. analysts in a note on Monday. “Since a new CEO has already been appointed, it seems that this transition has been in preparation for some time. With the data center and the AI-foundation of the new CEO, it is clear in the areas on which Nokia wants to concentrate. »»

Nokia shares increased by 2.4% to € 4.77 at 2:54 p.m. in Helsinki on Monday. They have gained 43% in the last 12 months.

Hotard said he would stay the course at first in an interview with Bloomberg. Like his predecessor, he said that he did not intend to reduce prices in the mobile networks sector in order to obtain market share.

“In the end, in a company like this where we have profound relations with customers and you have an important level of investment in R&D, it is really a question of being disciplined on the price”, a- He said, adding that he would focus on growing solid relationships with customers and investing in other areas.

Looking for growth

The Financial Times reported in September that the board of directors examined the candidates to replace Lundmark after a long battle with a stagnated course and sales. Nokia denied the report at the time, saying that he regularly leads the next generation planning.

The opportunity to join Nokia as CEO “has developed in recent months,” said Hotard in an interview on Bloomberg TV. Spending from time “to deeply understand the company, I have become really intrigued by the company and the opportunity it has in the AI ​​era”.

The company has sought means to rationalize its operations and create companies to compensate for lower growth in mobile operators. Nokia had discussions with advisers on potential options for the mobile network sector, including the sale of a part or all of the division, to run it or to combine it with a rival, said people familiar with the case last year.

The company has aroused preliminary interests of the contenders, including Samsung Electronics Co., which is looking for a scale in radio access networks that connect mobile phones to telecommunications infrastructure, people said.

The CEO Entering said that the company did not plan to sell the mobile network unit. “This is a central asset of the company,” he said in the Bloomberg TV interview.

Nokia worked to develop in data centers, a booming industry thanks to the demands for calculating artificial intelligence. He acquired Infinera Corp. In an agreement of $ 2.3 billion to increase its range of products and its geographical scope last year.

The company also speeded up for the defense industry, buying the Fenix ​​group based in Virgina in 2023 to access radios for military communications.

Most of Bloomberg Businessweek

© 2025 Bloomberg LP

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Canton RestitySteve Forbes and Peter Schiff Headline New Fintech.tv Series Riding Bulls and Taming Bears Led by David Stryzewski New York, NY / Access Newswire / August 25, 2025 / Fintech.tv has unveiled the debut of Bulls and Taming Bears, a series focused on market analysis and…

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