Ericsson Names Svanberg CEO 588458

Carl-Henric Svanberg will become the new CEO and president of Ericsson effective April 8, 2003

February 6, 2003

2 Min Read

STOCKHOLM -- Ericsson's (NASDAQ:ERICY - News) Board of Directors has today appointed Carl-Henric Svanberg new CEO and President of Ericsson. He will take office at Ericsson's Annual General Meeting on April 8, 2003. Carl-Henric Svanberg is presently CEO for the international lock group Assa Abloy. Ericsson's CEO and President Kurt Hellstrom will stay with the company until year-end in order to secure a successful hand over. "Kurt Hellstrom has decided to make use of his possibility to retire at the age of 60," says Michael Treschow, Ericsson's chairman of the Board. "I am pleased to announce a very competent successor to Kurt Hellstrom today." Carl-Henric Svanberg has successfully led Assa Abloy into becoming the world's leading lock maker. He has turned the company into a highly efficient organization while distinguishing himself for his excellent leadership skills. "He will continue Kurt Hellstrom's successful work in controlling Ericsson's costs, while keeping up our leading market position," says Michael Treschow. "Carl-Henric Svanberg will keep the same focus as Kurt Hellstrom, namely to make Ericsson return to profit, cut costs and to strengthen our leading position." "I have always perceived Ericsson as the world's strongest company," says Carl-Henric Svanberg. "I will take over in hard but exciting times. I am humbled by the task, but I have great confidence in Ericsson and its employees." "After 18 years with Ericsson, of which almost four were as President, I am very confident in handing over to Carl-Henric Svanberg," says Kurt Hellstrom, Ericsson's CEO and President. "The telecom industry is going through tough times, but it is a fundamentally strong industry with good growth potential." In connection to today's announcement, Carl-Henric Svanberg acquires Ericsson B-shares to a value of SEK 100 million at an average closing price settled between the dates January 30 - February 7, 2003. Industrivarden and Investor will supply an equal part of the shares in this purchase. LM Ericsson

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