Hans Vestberg, Ericsson CEO resigns

Hans Vestberg, Ericsson Chief Executive Officer (CEO) has decided to step down as president and CEO.

Jan Frykhammar, executive vice president and CFO, will assume the CEO position till the telecom network and software maker find a new CEO.

Hans Vestberg spent 28 years at Ericsson including the last seven years as CEO. A statement from Ericsson did not say that the resignation of Hans Vestberg is connected to the alleged corruption issues.

Hans Vestberg was instrumental in leading the company for seven years through significant industry and company transformation.

Incidentally, Hans Vestberg was one of the strong contenders for becoming the chief executive officer of Microsoft before the US-based software company finalized Satya Nadella for the top position.

“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,” said Ericsson Chairman Leif Johansson.

Hans Vestberg is leaving Ericsson at a time when the telecom infrastructure company is aiming to cut costs further.

Jan Frykhammar joined Ericsson 1991, and has held various positions in finance and business control.

The  statement from Ericsson further said  Hans Vestberg will be available to support the Board and management during his term of notice of six months.