COPENHAGEN (Reuters) -Finland's Nokia on Monday said its CEO Pekka Lundmark would step down and that it had appointed Justin Hotard to take over his role.

Hotard, who takes up the position on April 1, currently leads the Data Center & AI Group at Intel.

"He has a strong track record of accelerating growth in technology companies along with vast expertise in AI and data center markets, which are critical areas for Nokia's future growth," Nokia's Chair Sari Baldauf said in a statement.