Wednesday, October 26, 2016

Ericsson Brings on Investor AB's Börje Ekholm to Head Turnaround

Ericsson's Board of Directors has appointed Börje Ekholm President and CEO, effective January 16, 2017.

Ekholm currently serves as CEO of Patricia Industries, a division within Investor. Prior to assuming this position in 2015, Börje Ekholm held the position as President and CEO of Investor AB between 2005 and 2015. Previous positions also include President of Investor Growth Capital Inc., as well as positions with Novare Kapital AB and McKinsey & Co Inc.


Ekholm is a member of the Board of Directors for Telefonaktiebolaget LM Ericsson, Alibaba Inc., NASDAQ OMX Group Inc. and Trimble Navigation Ltd. He is also a member of the University Board of KTH Royal Institute of Technology.

Chairman of the Board Leif Johansson says: "I am very pleased to announce the appointment of Börje Ekholm. He has a solid understanding of both the technology and business implications of the ongoing convergence of telecoms, IT and media. Having served on Ericsson's Board of Directors for the past ten years, Börje Ekholm has full understanding of the challenges and the opportunities Ericsson currently faces."

https://www.ericsson.com/news/2051527

Hans Vestberg is Out as CEO of Ericsson

Hans Vestberg has stepped down as President and CEO and member of Ericsson's Board of Directors.

Jan Frykhammar, Executive Vice President and CFO, will assume the CEO position until a new CEO is in office.

The resignation comes under pressure from the company's Board of Directors, which issued a statement saying that new leadership is required to address changing market conditions and "drive the next phase of Ericsson's development."  As stated during the disappointing financial report last week, the company must further cut expenses.

In a press statement, Chairman of the Board Leif Johansson says: "Hans Vestberg has led the company for seven years through significant industry and company transformation. Hans has been instrumental in building strong relationships with key customers around the world and his leadership and energy have been an inspiration to employees and leaders across Ericsson. However, in the current environment and as the company accelerates its strategy execution, the Board of Directors has decided that the time is right for a new leader to drive the next phase in Ericsson's development."

https://www.ericsson.com/news/2030327


  • In June 2009, Hans Vestberg took over as CEO of Ericsson, replacing Carl-Henric Svanberg who had taken over as CEO of BP.

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