Nokia CEO Pekka Lundmark is stepping down, with the company announcing a former Intel executive as his replacement.

Nokia Oyj said it was replacing Chief Executive Officer Pekka Lundmark with Intel Corp.’s Justin Hotard in a surprise announcement as the network equipment maker works to exit a prolonged slump in orders from phone operators.

Finnish telecoms company Nokia on Monday said Pekka Lundmark would step down as CEO, and that it has appointed Justin Hotard to take over his role.

Nokia has shared that it has appointed a new chief executive officer (CEO), as the company attempts to venture more into the artificial intelligence market. View on euronews

Justin Hotard, who currently leads Intel's Data Center & AI Group as executive vice president and general manager, will take over the position on April 1.

KEY TAKEAWAYS Nokia said Monday that it has appointed Intel’s Justin Hotard as CEO, replacing Pekka Lundmark, as the Finnish telecoms equipment maker looks to beef up its artificial intelligence business.

Nokia Inc. (NYSE:NOK) revealed a change in leadership as its President and CEO, Pekka Lundmark, is set to step down from his role. His replacement, Justin Hotard, is set to assume the position of President and CEO on April 1,

In an unexpected turn of events Justin Hotard, the executive vice president and general manager of the Data Center and AI Group (DCAI) at Intel, left the company to become chief executive of Nokia. Intel has appointed an internal head for its datacenter and AI unit and will start searching for a new permanent general manager immediately.