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 (NYSE: NOK) said Monday that Justin Hotard will succeed Pekka Lundmark as the Finnish company's new CEO. Intel hired Hotard as executive vice president and general manager of its data center and artificial intelligence group in January 2024.

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

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.

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.

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.