Nokia has named Intel chief Justin Hotard the new CEO, succeeding Pekka Lundmark, who has resigned.

Justin Hotard, born in 1974, has been appointed as the new President and Chief Executive Officer of Nokia, effective April 1, 2025. He brings over 25 years of experience in the technology sector, having held significant leadership roles in prominent companies.

Educational Background:

• Bachelor of Science in Electrical Engineering: University of Illinois at Urbana-Champaign.
• Master of Business Administration: MIT Sloan School of Management, Cambridge.

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Professional Experience:

• Intel Corporation (2024 - Present): Executive Vice President and General Manager of the Data Center & AI Group. In this role, Hotard oversees Intel's data center products and is instrumental in advancing the company's AI initiatives.

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• Hewlett Packard Enterprise (HPE) (2015 - 2024): Held multiple leadership positions, including: Executive Vice President and General Manager of High-Performance Computing, AI, and Labs: Led the delivery of AI capabilities to clients and directed Hewlett Packard Labs. Senior Vice President of Corporate Transformation: Oversaw strategic initiatives to drive company-wide transformation. Corporate Vice President and President of HPE's Japan Business: Managed operations and growth strategies in the Japanese market.

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• NCR Corporation: Served as President of NCR Small Business, where he facilitated multiple acquisitions totaling $72 million in one year, expanding the company's reach into adjacent markets.

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• Earlier Roles: Held corporate development and operational positions at Symbol Technologies and Motorola Inc., contributing to his extensive experience in the tech industry.

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Personal Life: Specific details about Justin Hotard's personal struggles, family, and residence are not publicly disclosed. However, it is known that he will be based at Nokia's headquarters in Espoo, Finland, upon assuming his role as CEO.

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Net Worth and Compensation: As of December 31, 2024, Hotard's estimated net worth is at least $1 million, primarily from his holdings of approximately 47,737 shares in Hewlett Packard Enterprise Co.

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Information regarding his compensation at Intel or his forthcoming package at Nokia has not been publicly disclosed.

Justin Hotard's extensive background in AI and data centers positions him well to lead Nokia into its next phase of growth and innovation.

While specific compensation details for Justin Hotard's role as Nokia's President and CEO have not been publicly disclosed, we can reference the remuneration structure of his predecessor, Pekka Lundmark, to provide an approximate estimate.

Base Salary:

• In 2024, Pekka Lundmark's annual base salary was €1,410,500.

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Short-Term Incentives (STI):

• Target award: 125% of base salary.
• Minimum: 0% of base salary.
• Maximum: 281.25% of base salary.

Long-Term Incentives (LTI):

• Three-year performance share plan.
• Target award: 200% of base salary.
• Minimum payout: 0% of base salary.
• Maximum payout: 400% of base salary (excluding share price movement).

Total Compensation Potential:

• Combining base salary, STI, and LTI, the total annual compensation can range significantly based on performance metrics, from the base salary alone to several multiples of it.

Please note that actual compensation can vary based on individual negotiations, company performance, and other factors.

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