Ericsson chairman says will not stand for re-election

Reuters News
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Posted: Jul 05, 2017 2:50 AM

STOCKHOLM (Reuters) - The chairman of struggling Swedish mobile equipment firm Ericsson said on Wednesday he would not stand for re-election at the company's next AGM in 2018.

Leif Johansson, who has been chairman since 2011, said Ericsson's new CEO, Borje Ekholm, had put in place a turnaround strategy and there had been changes in ownership.

"It is natural to let the owners jointly propose a chairman and well ahead of this I want to announce that I will not be available for a next term," he said in a statement.

(Reporting by Simon Johnson; Editing by Susan Fenton)