  Swedish telecom gear manufacturer, Ericsson will witness the departure of its current CEO, Carl-Svanberg as he is heading to join duties at BP as CEO replacing the latter’s CEO, Peter Sutherland as CEO.
57-year old Svanberg is scheduled to join BP Board as Chairman-Designate and a Non-Executive Director on September 1. For the moment, Ericsson said that it will continue with Svanberg as CEO till year end when he assumes charge at BP.
Ericsson’s Chief Financial Officer, Hans Vestberg will take charge as CEO on Jan 01, 2010.
The development marks an end to illustrious contribution from Svanberg in changing the fortunes of Ericsson since joining the firm in 2003 at a time when the firm had witnessed losses for seven quarters amounting to $4.7 billion.
"After seven years at Ericsson, maybe the timing is right to move on," said Svanberg. He joined Ericsson at a time when the company had witnessed 5 CEOs within four years time. |