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Ericsson's CEO Resigns with Immediate Effect

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Ericsson's CEO, Hans Vestberg has resigned from the company with immediate effect after he lost the support of the other directors of the company.

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 said that: "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."

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.

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.

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Tags: ericsson  Sweden