Ericsson's Vestberg steps down - search for new CEO initiated
(Thomson Reuters ONE) -
* Hans Vestberg leaves all assignments, effective immediately but remains at
the company's disposal
* Jan Frykhammar takes on the role as CEO until search is successfully
completed
* Carl Mellander is appointed acting CFO
Ericsson's (NASDAQ:ERIC) Board of Directors today announced that Hans Vestberg
steps down as President and CEO and member of the Board of Directors of Ericsson
with immediate effect. Jan Frykhammar, Executive Vice President and CFO, will
assume the CEO position until a new CEO is in office.
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."
Hans Vestberg says: "I have had 28 fantastic years at Ericsson, the last seven
as CEO. As the industry enters a next phase, driven by 5G, IoT and Cloud, it is
time for a new CEO to step in and continue the work to ensure Ericsson's
industry leadership."
In conjunction to presenting its earnings report for the second quarter on July
19, the company presented a strong action plan to significantly reduce cost and
adapt to the current market environment.
"As stated in the report the Board fully supports the cost reduction plans. In
addition, the Board supports the company business strategy and new company
structure," Johansson continued.
Effective immediately Jan Frykhammar, Executive Vice President and CFO, steps
into the position as President and CEO until the now initiated recruitment
search has been concluded. As customary, the search process will comprise both
internal and external candidates.
Jan Frykhammar joined Ericsson 1991, and has held various positions in finance
and business control. In 2009, Frykhammar became Executive Vice President, CFO
and Head of Group Function Finance, and before that he was Head of Business Unit
Global Services. He holds a Bachelor of Business Administration and Economics
from the University of Uppsala, Sweden.
Johansson says: "Jan has made it clear that he is not aspiring to permanently
take on the CEO role. However, I am very pleased that he has accepted this
assignment. Jan will secure continued strong execution and leadership in the
current situation."
Carl Mellander, currently VP & Group Treasurer, is appointed acting CFO with
immediate effect.
Hans Vestberg will be available to support the Board and management during his
term of notice of six months.
NOTES TO EDITORS
PRESS BRIEFING AND LIVE AUDIOCAST
Ericsson will hold a press briefing, which will also be available via a live
audiocast, starting at 10:00 AM CEST / 4:00 AM EDT on Monday 25 July, 2016 at
Ericsson Headquarters, Torshamnsgatan 21, Kista, Sweden.
Chairman of the Board Leif Johansson and incoming CEO, Jan Frykhammar, will
comment and answer questions. The press briefing is open to journalists and
analysts.
You can follow the press briefing and ask questions via the live audiocast at:
www.ericsson.com/investors and at: www.ericsson.com/press.
The replay will be available shortly after the event, via the same link.
Direct URL for the audiocast: http://edge.media-server.com/m/p/6q2y6pyx
Biography Jan Frykhammar
Photo Jan Frykhammar
For media kits, backgrounders and high-resolution photos, please visit
www.ericsson.com/press
Ericsson is the driving force behind the Networked Society - a world leader in
communications technology and services. Our long-term relationships with every
major telecom operator in the world allow people, business and society to
fulfill their potential and create a more sustainable future.
Our services, software and infrastructure - especially in mobility, broadband
and the cloud - are enabling the telecom industry and other sectors to do better
business, increase efficiency, improve the user experience and capture new
opportunities.
With approximately 115,000 professionals and customers in 180 countries, we
combine global scale with technology and services leadership. We support
networks that connect more than 2.5 billion subscribers. Forty percent of the
world's mobile traffic is carried over Ericsson networks. And our investments in
research and development ensure that our solutions - and our customers - stay in
front.
Founded in 1876, Ericsson has its headquarters in Stockholm, Sweden. Net sales
in 2015 were SEK 246.9 billion (USD 29.4 billion). Ericsson is listed on NASDAQ
OMX stock exchange in Stockholm and the NASDAQ in New York.
www.ericsson.com
www.ericsson.com/news
www.twitter.com/ericssonpress
www.facebook.com/ericsson
www.youtube.com/ericsson
FOR FURTHER INFORMATION, PLEASE CONTACT
Ola Rembe, Head of External Communications, Ericsson
Phone: +46107199727
E-mail: ola.rembe(at)ericsson.com
Ericsson Corporate Communications
Phone: +46 10 719 69 92
E-mail: media.relations(at)ericsson.com
Ericsson Investor Relations
Phone: +46 10 719 00 00
E-mail: investor.relations(at)ericsson.com
This information is information that Telefonaktiebolaget LM Ericsson is obliged
to make public pursuant to the EU Market Abuse Regulation. The information was
submitted for publication, through the agency of the contact person set out
above, at 08:00 CET on July 25, 2016.
Ericsson?s Vestberg steps down ? search for new CEO initiated:
http://hugin.info/1061/R/2030327/755178.pdf
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GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ericsson via GlobeNewswire
[HUG#2030327]
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