Jan Frykhammar, presently Head of Global Services at Ericsson will assume new role as CFO of the company from November 01 with the current CFO, Hans Vestberg set to assume responsibility as Ericsson’s new CEO replacing Carl-Hneric Svanberg who will exit the firm at the end of the year to join BP.

"The search process has been thorough and I have met a number of external as well as internal candidates, non-Swedes and Swedes. Jan Frykhammar has a documented experience of the telecom industry as well as excellent managerial skills. He has also held various positions in Ericsson and has a deep knowledge about our business. After the careful selection process, he came out as the number one candidate and I am happy to welcome him in his new role in the group management team,” says Hans Vestberg on the appointment.

Frykhammer’s association with Ericsson dates back to 1991 and he has served as CFO for Ericsson in North America. He will continue to head the Global Services unit until a successor is appointed.