The telecom company Ericsson President and CEO Hans Vestberg will leave the company with immediate effect, according to a press release.
Deputy Managing Director Jan Frykhammar take the role of CEO.
“He has built strong relationships and partnerships with key customers around the world and his leadership and energy have been inspiring for both employees and managers in Ericsson. But given the current market situation and the increased pace of implementation of its strategy, the Board has decided that the time is right for a new leader to drive the next phase of Ericsson’s development, “said Ericsson’s chairman Leif Johansson in a statement.
in connection with the interim report presented the company last week increased savings package which means further cost reductions and new large-scale layoffs.
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