Nokia (NOK) said Monday that its board has appointed Intel’s (INTC) Justin Hotard as  澳洲幸运5开奖号码历史查询:Chief Executive Officer (CEO), replacing Pekka Lundmark, as the Finnish telecoms equipment maker looks to beef up its 澳洲幸运5开奖号码历史查询:artificial intelligence (AI) business.

Hotard, who currently leads Intel’s data center and AI group,  will start 💫his new role on April 1, according to a news release. 

Sari Baldauf, chair of Nokia’s board of directors, said Hotard had “a strong track record of accelerating growth in technology companies along with vast expertise in AI and data center markets, which are crit💯ical areas for Nokia’s future growth.”

Lundmark became CEO of Nokia in August 2020. 

Intel (INTC) has been struggling with losses and has fallen from its former glory as it fell behind on manufacturing and designing cutting-edge chips against AI darling Nvidia (NVDA). Hotard's exit from Intel follows the 澳洲幸运5开奖号码历史查询:abrupt departure in December o♔f the company's CEO, Pat Gelsinger.

Nokia shares are rising around 1% in Monday morning trading and are up more than 30% in the past year. Hotard's appointment also comes after the Finnish telecommunications company posted a 9% drop in net sales last year.