Hans Vestberg fired

Ericsson’s CEO Hans Vestberg is to leave his position as CEO at the telecoms company with immediate effect after a board decision.

“Hans Vestberg has led the company for seven years through huge transformations in both the industry and the company. He has built strong relationships and partnerships with important clients around the world and his leadership and energy has been inspirational for both employees and managers in Ericsson. However given the current market situation and the increased tempo in executing the company’s strategy the board has decided that the time is right for a new leader,” says chairman Leif Johansson.

During Hans Vestberg’s time at the helm Ericsson’s shares have fallen by 3.6% while the Stockholm OMXSPI index has risen by 65%.