Vestberg Hans (Hans Vestberg)

Vestberg Hans (Hans Vestberg)

1991-2010: Work in Ericsson in the different countries

Hans Vestberg came to Ericsson in 1991. During operating time in the company he replaced several positions, working at offices in China, Sweden, Chile and Brazil. From 2003 to 2007 he headed global service division of Ericsson. In 2007 Vestberg became the chief financial officer of Ericsson, and in the 2010th — the CEO.

2016: Leaving Ericsson

At the end of July, 2016 the Ericsson company announced Hans Vestberg's resignation from the CEO's post 6.5 years of the management of the company later. Departure of the head happened against the background of falling of quotations of the Swedish producer of telecommunication equipment and gain of the competition.

According to the statement of Ericsson of July 25, 2016, Hans Vestberg immediately puts the powers, and the chief financial officer of the company Jan Frykhammar is appointed to search time permanent the acting as the CEO of Ericsson. Carl Mellander will fulfill the financial director's duties.

In present conditions and process of the accelerated strategy implementation the Board of Directors decided that time for the new leader who will lead Ericsson in a new stage of development, said in the statement of the company came.

As notes the Bloomberg agency, Hans Vestberg's resignation happened in not idle time for Ericsson the period when the company reduces jobs and conducts the escalated fight against such competitors as Huawei and Nokia. In July, 2016 the Swedish company announced the seventh in a row falling of comparable quarter sales that caused reduction in cost of shares of the manufacture for 15% in only one day.

The largest shareholders of Ericsson — family Vallenbergov (through Investor company) and Industrivaerden holding — already quite long showed discontent with current situation and Vestberg's actions.

After the withdrawal letter of the CEO of Ericsson of a stock of the company rose in price for 5% at the exchange in Stockholm by 9:28 a.m. local time. During Vestberg's stay at a wheel of the company (since 2010) its quotations dropped by 4%.^[1]

Notes