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Employment

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
OptoScot 12/5/2012 | 12:41:45 AM
re: Ericsson Replaces CEO This is an interesting move by Ericsson. What they are saying is that contrary to what many think this business is just like any other and having spent 20 years or so immersed in IT is no guarantee of success. Indeed, what most companies need are good old fashioned strategists at the top.
BobbyMax 12/5/2012 | 12:39:03 AM
re: Ericsson Replaces CEO In my opinion a person with no background is chosen to head a telecom company is simply crossing the boundary of human tolerance. The consumer of Ericsson would stop buying from the company as the company's action is simply insulting.Thiskind of practice has hurt Lucent, AT&T and many other companies.

WorldCom recently appointed Capella as its CEO. This clkearly establishes beyond any doubt that the highest job in a company can be given to a person without any regard to qulification and background.
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