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.

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

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.