Nokia Oyj will replace Chief Executive Officer Pekka Lundmark with Intel Corp.’s recently appointed head of artificial intelligence Justin Hotard in a surprise announcement as the network equipment maker works to exit a prolonged slump in orders from phone operators.

So chip stock Intel (INTC) just lost Justin Hotard to Nokia Oyj (NOK). This might seem like a blow to Intel’s operations, but investors have

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.

In an unexpected development, Nokia revealed a CEO transition plan for March 2025, which analysts interpret as a strategic pivot from networking equipment toward data centers and artificial intelligence.