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Ericsson Gets New Chief In Hans Vestberg
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Carl-Henric Svanberg is stepping down to become chairman of BP PLC, ending the company's long search for a new chairman.
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Friday, June 26, 2009:
Ericsson, a global provider of technology and services to telecom operators, has appointed Hans Vestberg as president and CEO of the company as of 1 January 2010. Hans Vestberg is currently CFO and executive vice president. Hans Vestberg is succeeding Carl-Henric Svanberg who has accepted to take on the position as chairman of oil major BP. Svanberg joined Ericsson on 8 April 2003 at a troublesome time when the company struggled with losses and restructuring.
Hans Vestberg is 44 years old and earned a Bachelor of Business Administration degree from the University of Uppsala, Sweden, in 1991.
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He joined Ericsson the same year and was within a short time period appointed to various international managerial positions in China, Sweden, Chile, Brazil and the US.
Between 1998 and 2000, he was CFO of Ericsson in Brazil. In the years 2000 to 2002, Vestberg was chief financial officer for Ericsson in North America and Ericsson's controller for the Americas. From 2002 to 2003, Vestberg served as president of Ericsson in Mexico. He became senior vice president and head of business unit Global Services in 2003 and was appointed executive vice president in 2005. Vestberg was appointed chief financial officer in 2007.
Hans Vestberg is born in Hudiksvall, Sweden, and lives north of Stockholm. He is married and has two children. Vestberg holds 21,235 Ericsson class B shares and 1,381 ADS (American Depositary Share).
According to Michael Treschow, chairman, Ericsson board, "Hans Vestberg was early in his career at Ericsson identified as a person with outstanding leadership skills. He has a proven excellent understanding of Ericsson's business with experience from all different Ericsson business activities. He has been instrumental in developing Ericsson's industry-leading services operation which grew threefold with good profitability during his five years of management. Vestberg has a broad international experience through assignments for more than ten years in three continents."
Ericsson's present president and CEO Carl-Henric Svanberg will remain in his position until year-end when he takes on his new assignment as chairman of BP. Svanberg will remain as member of the Ericsson board and the main owners, Investor and Industrivärden, have expressed their wish to see Carl-Henric Svanberg as member of the Ericsson board for a long term.
Michael Treschow added, "With Carl-Henric Svanberg's leadership, Ericsson has become the industry's most profitable company and its market position has been tremendously strengthened. With Svanberg, the industry's most successful strategy has been developed and implemented."
"Over the past six years, mobile telephony has grown from one billion to four billion subscribers in the world, an unparalleled development. Ericsson has been one of the main drivers in this development with a steadily increased market share. The strong position in GSM and continued industry leading R&D investments have paved the way for leadership in mobile broadband and 4G/LTE now being deployed worldwide," Treschow elaborated.
During 2003-2008, Ericsson's compounded annual growth was 12 per cent. Over the past five years, the company has generated a total profit of SEK 103 b. and a cash flow of SEK 101 b. Total dividends over the past five years amount to SEK 27 b.
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