Company News in Brief

Nokia announces resignation of CEO, Lundmark Finnish telecommunications equipment giant Nokia announced on Monday that chief executive Pekka Lundmark would step down and be replaced by Justin Hotard, the head of AI and data centres at US chip maker Intel. Lundmark, who has served as Nokia's CEO since 2020, will leave his position on March 31, the company said in a statement. "I want to move on from executive roles to work in a different capacity, such as a board professional", said Lundmark, who has a career of more than 20 years of leading listed companies. Justin Hotard currently serves as the executive vice president of Intel and as the general manager of the company's artificial intelligence and data centre group, according to Intel's website. He will take over as Nokia CEO on April 1. — AFPJSE appoints Lucas Radebe as ambassador The JSE has partnered with 19 listed entities, and appointed soccer star Lucas Radebe as ambassador, as it looks to try to reconcile shareholders with an estimated R4.5 billion in unclaimed dividends. The Claim It initiative will see it access the share registries of 19 issuers in an attempt to reunite nearly 375 000 former employees, shareholders, or beneficiaries of deceased estates with their unclaimed dividends. The companies it has partnered with are Africa Media Entertainment, Finbond, YeboYethu, Wilson Bayly Holmes-Ovcon, ADvTECH, Cashbuild, Super Group, Naspers, Mpact; Reunert, JSE Ltd., Merafe Resources, Northam Platinum, Growthpoint, Old Mutual, Sasol, Sasol Khanyisa, Sasol Inzalo, and Quilter. A 2022 discussion paper by the Financial Sector Conduct Authority's (FSCA), which highlighted the issue of unclaimed financial assets, estimated at the time there were R88.56 billion worth of unclaimed assets spread across SA's financial sector. To help drive awareness of its Claim It initiative the JSE has appointed Radebe as an ambassador of the campaign.-FIN24 Nasdaq listed PowerFleet profit climbs 45% Nasdaq-listed logistics management firm PowerFleet, which merged with MiX Telematics last year, reported a 45% climb in revenue to $106.4 million (about R2 billion) in its third quarter to end December, when adjusted core profit surged 77%. This was driven its acquisition of Fleet Complete last year, organic growth, and cost synergies. "Our strategic focus on achieving global scale through accretive M&A transactions has fundamentally reshaped our business," the group said. "On the commercial front, the Fleet Complete acquisition has significantly expanded our market opportunity through scaled channel partnerships with leading telecommunications providers. Our direct sales efforts continue to drive high-value wins, including a major Unity in-warehouse safety solution deal with one of the largest beverage companies in North America, with long-term total contract value revenue potential in the $25 million to $30 million range." Meanwhile, AI camera solutions continue to gain strong traction, with sales volumes up 52% year-over-year through the group's largest channel partner.-FIN24 Nippon Steel to change buying strategy Japan's Nippon Steel is considering proposing a bold change in plan from its previous approach of seeking to buy US Steel, Chief Cabinet Secretary Yoshimasa Hayashi said on Monday, though the company declined to comment. "We are aware that Nippon Steel is not looking at this as a mere acquisition but is considering a bold proposal that is completely different from anything it has done in the past," Hayashi told reporters. Hayashi said it would create a win-win situation for both Japan and the US through significant investments and the production of high-quality products demanded by the US and global markets. On Friday, US President Donald Trump said Nippon Steel's $14.9 billion (R275 billion) bid for US Steel would take the form of an investment instead of a purchase. Two people familiar with the matter said the biggest Japanese steelmaker had not withdrawn its bid. Nippon Steel declined to comment on Hayashi's comment as well as Trump's latest statement that no one can have a majority stake in US Steel. — Reuters

Company News in Brief

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