Ericsson sacks CEO Hans Vestberg after poor results

Swedish mobile telecoms gear maker parted company with its chief executive Hans Vestberg on Monday, a move led by major shareholders after a series of disappointing results.

Vestberg, who had served longer than his three predecessors, had come under fire in recent months from Swedish media questioning his leadership and pay, particularly after weak results in April knocked 15% off the shares in one day.

Speaking at a press conference Ericsson chairman Leif Johansson said he expected the search for a new CEO, which would consider both internal and external candidates, to take “many months”.

“If we can, we would like to find someone who has good technology background, and of course the more proven that person is in terms of leadership, the better,” Johansson said.