Ericsson's CEO ousted
Fecha Jueves, febrero 06 @ 12:50:37
Tema Banca y Finanzas:: Finances & Big Blue
| Loss-making Swedish telecommunications equipment firm, Ericsson, has ousted Kurt Hellström and appointed Carl-Henric Svanberg as its new president and chief executive.
Telecoms experience not necessary, apparently.
Rumors have circulated that Ericsson has been searching for a new CEO due to the worsening performance of the group. Hellström was known to have been reluctant to take on the leadership role at Ericsson initially, but was expected to stay on until he managed to turn around the company.
However Ericsson’s Q4 results revealed wider-than-expected losses, indicating it was time for the CEO to step down. Michael Treschow, chairman of Ericsson, on Thursday said Mr Hellström had "decided to use his opportunity to retire at the age of 60". He will hand over the reins at the company's annual meeting on April 8.
Ericsson is taking a risk appointing Svanberg, as he has no experience in telecoms. Svanberg is currently the chief executive of Assa Abloy, the world's leading lockmaker. The up and coming CEO is credited with creating Assa Abloy as a global brand through more than 100 acquisitions since 1994.
Ericsson’s shares soared on the news, up 12 percent at SKr6.65
Related. Of course, Assa Abloy acquires Swiss smart card maker
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