Ericsson Replaces CEO

Swedish telecom giant replaces experienced CEO with outsider from the world of home security

February 6, 2003

1 Min Read
Ericsson Replaces CEO

Just days after predicting a torpid 2003, LM Ericsson (Nasdaq: ERICY) president and CEO Kurt Hellström has announced his retirement (see Ericsson Stumbles Into 2003 and Ericsson Names Svanberg CEO).

Replacing him as chief meatball on April 8 (the company's annual general meeting) is 50-year-old Carl-Henric Svanberg, who hails from lock company Assa Abloy. (And here we thought that was a type of sausage.)

Presumably, this makes Svanberg Ericsson's key man [ed: groan…].The markets certainly seem to think so: The share price of the world's leading supplier of wireless network infrastructure shot up by as much as 16 percent once the news was released this morning.

For the full story, please visit our sister-site devoted to wireless networking: Unstrung.

— Ray Le Maistre, European Editor, Unstrung

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