Hans Vestberg steps down as Ericsson's CEO

Ericsson's board of directors today announced (25 July) that Hans Vestberg is stepping down with immediate effect as president, CEO and member of the board of directors after seven years as its CEO.

"I have had 28 fantastic years at Ericsson, the last seven as CEO," said Vestberg on his departure. "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."

Jan Frykhammar (pictured), executive VP and CFO, will act as CEO until a new CEO is in office. The search process will comprise both internal and external candidates.

Jan Frykhammar joined Ericsson 1991, and has held various positions in finance and business control. In 2009, Frykhammar became executive vice president, CFO and head of group function finance, and before that he was head of business unit global services. He holds a Bachelor of Business Administration and Economics from the University of Uppsala, Sweden.

Carl Mellander, currently VP & group treasurer, will be appointed acting CFO with immediate effect and Hans Vestberg will be available to support the board and management during his term of notice of six months.