Nokia chooses Intel’s AI and data center leader Justin Hotard as new CEO
Vice President JD Vance told world leaders in Paris that AI must “be free from ideological prejudices,” and that American technology is not a censorship tool. (Credit: Reuters)
- Nokia CEO Pekka Lundmark has stepped down and will be replaced by Justin Hotard, the Finnish telecom company said on Monday.
- According to the Chipmaker website, Hotard is currently executive vice president and general manager of Intel’s Data Center & AI Group.
- Nokia shares have grown 27.85% over the past year, but have fallen more than 90% since it peaked in June 2000.
Finnish telecom company Nokia said on Monday that Pekka Landmark had resigned as CEO and appointed Justin Hotard to take over his role.
According to the Chipmaker website, Hotard, who will take the position on April 1, is executive vice president and general manager of Intel’s Data Center & AI Group.
Telecom gear makers struggling with declining sales of 5G equipment are looking for ways to diversify their markets and infiltrate their growth areas. artificial intelligence.
“He has a strong track record of accelerating the growth of technology companies, along with his vast expertise in the AI and data center market, a key area of Nokia’s future growth,” said Nokia Chairman Sari Bardauff. It was stated in a statement.
Stocks rose 1.6% at 4.7 euros at 0854 GMT on the Helsinki Stock Exchange, which was just 0.45%.
JP Morgan analysts were surprised by how they described CEO Transition as having successfully “stable the ship.”
Nokia’s current president and CEO, Pekka Landmark, chair of Nokia’s board of directors Sari Bardauff, and Nokia’s next president and CEO Justin Hotard are FI’s Espoo. Attend a company press conference held (via Markku Ulander/Reuters/Reuters)
“Given that a new CEO has already been appointed, this transition appears to have been in work for some time. With the background of new CEOs Datacentre and AI, it is clear which areas Nokia wants to focus on That’s it,” they said. Note.
This view was echoed by Inderes analysts. Inderes sees data centers and AI investments as a strategic change to Nokia’s network infrastructure units, where data centers and AI investments are driving new growth opportunities.
Last year, Nokia moved to buy optical networking gear maker Infinera in a $2.3 billion deal, which comes from a multi-billion dollar investment. Data Center Responding to the rise of artificial intelligence.
Landmark, who was it? He has been appointed CEO of Nokia In 2020, the company said it will remain as an advisor to Hotard until the end of the year.
In September, Nokia refused to report the media, saying the company was looking for a new CEO.
“This leadership transition plan would like to consider Pekka to consider moving out of executive roles when business relocation is at a more sophisticated stage and the right successor is identified. It started when it came,” Baldauf said.
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Nokia shares have grown 27.85% over the past year, but have fallen more than 90% since it peaked in June 2000.
With AI technology increasingly integrated, infrastructure businesses focus on building and maintaining communication systems, such as data centers, servers, and routers.
Its mobile network units are concentrated on technologies and services that enable mobile communications, such as the development and management of cell towers and 5G technology.