Ericsson CEO Vestberg steps down with immediate effect

Reuters News
|
Posted: Jul 25, 2016 2:49 AM

STOCKHOLM (Reuters) - Swedish mobile telecoms gear maker Ericsson's Chief Executive Hans Vestberg has stepped down with immediate effect, the company said on Monday.

Vestberg, who has been CEO since 2010, has come under fire in recent months, with Swedish media questioning his leadership and pay, particularly after weak quarterly results in April sent its share price down 15 percent in a single day.

The CEO's departure comes days after the company reported that like-for-like sales had declined for a seventh consecutive quarter.

Chief Financial Officer Jan Frykhammar will be acting CEO, with group treasurer Carl Mellander as acting CFO, while the company searches for Vestberg's successor.

(Reporting by Sven Nordenstam; Editing by David Goodman)