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.

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.