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.

KEY TAKEAWAYS Nokia said Monday that it has appointed Intel’s Justin Hotard as CEO, replacing Pekka Lundmark, as the Finnish telecoms equipment maker looks to beef up its artificial intelligence business.

Finnish telecoms company Nokia on Monday said Pekka Lundmark would step down as CEO, and that it has appointed Justin Hotard to take over his role.