Intel’s head of data-center and artificial-intelligence operations is leaving the group to take the helm of European telecommunication group Nokia, the latest high-profile departure at the chip maker as it struggles to revamp its business.

Nokia announces a leadership change. CEO Pekka Lundmark will step down in March 2025. Justin Hotard, with over 25 years of tech industry experience, will succeed him on April 1, 2025.

Finland's Nokia on Monday said Pekka Lundmark would step down as CEO, and that it has appointed Justin Hotard to take over his role. Hotard, who will take up the position on April 1, is currently the executive vice president and general manager of Data Center & AI Group at Intel,

Justin Hotard, Intel’s head of data-center and AI operations, is leaving to head up Nokia. Shares of the telecom-gear maker rallied over 2% in Europe; U.S.-listed Intel shares edged higher premarket.

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.