Finnish telecom equipment maker Nokia has announced that its board chair Sari Baldauf will step down, with Timo Ihamuotila proposed as her successor, following the company’s report of quarterly earnings that met market expectations.

Nokia reported third-quarter profit on Thursday that exceeded market expectations, driven by strong demand for optical networks and cloud services, including AI-focused data center sales following its Infinera acquisition.

Finnish telecommunications giant Nokia revealed on Monday that it will replace its current CEO, Pekka Lundmark, with Justin Hotard, an American executive from Intel overseeing artificial intelligence.