Ericsson on Monday announced that CEO Hans Vestberg is stepping down as president, CEO, and a member of the board of directors while CFO Jan Frykhammar will assume the CEO position as the company searches for an official replacement
In a statement issued around the announcement ,Chairman of the Board Leif Johansson said: “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.”
“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.” Hans Vestberg said in that statement.
However it should be noted that under Hans Vestberg’s leadership the company has struggled to maintain its position in a rapidly changing telecommunications environment and increased competition from relatively new players like Huawei.