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Ericsson Boss Hans Vestberg Leaves Office Amid Allegations Of Corruption.

Hans Vestberg has reportedly stepped down as Chief Executive and President of telecom giant Ericsson, as the company struggles to improve earnings amid tightening competition in the industry.

Image: Hans Vestberg

According to media reports, the Swedish wireless equipment maker says in an official statement that Vestberg is leaving all assignments “with immediate effect” and will be temporarily replaced by CFO Jan Frykhammer until a replacement is found.

Vestberg, has reportedly worked for the company over 28 years, holding the position of a CEO in the last six years.

Chairman of the company Leif Johansson is quoted as saying in a statement that the management board had decided to find a new leader “to drive the next phase in Ericsson’s development.”

The announcement comes as a follow-up to last week’s reported drop in sales and profits, as the company has continued its recent struggles to keep up with a growing number of competitors.

According to a report, “Ericsson’s share price jumped by more than 3 percent to 65.50 kronor in morning trading in Stockholm”.

Image: Hans Vestberg (CEO of Ericsson).

Meanwhile, a report from Business Insider says investigations against the Swedish telecom giant Ericsson by US authorities, on suspicions of corruption, started late Thursday.

The company management have battled weeks of turmoil following a revelation FROM Veckans Affärer that “Hans Vestberg [the company’s CEO] and other Ericsson executives had received improper salaries and spent hundreds of thousands of dollars on trips”.

“Ericsson announced earlier this week that large lay-offs are imminent,” Business Insider adds.

Here’s A List Of The Company’s Management:

The President/CEO and the Executive Leadership Team

The Board of Directors appoints the President and CEO and the Executive Vice Presidents. The President and CEO is responsible for the management of day-to-day operations and is supported by the Executive Leadership Team (ELT).

Members of the Executive Leadership Team

Jan Frykhammar

Jan Frykhammar

President and CEO and Head of Segment Networks (since July, 2016)

  • Born 1965. Bachelor of Business Administration and Economics, University of Uppsala, Sweden.
  • Board Member: Attendo AB, Confederation of Swedish Enterprise, the Swedish International Chamber of Commerce and Teknikföretagen.
  • Holdings in Ericsson:* 46,355 Class B shares.
  • Background: Executive Vice President and Head of Group Function Finance (2009-2016). Previously Senior Vice President and Head of Business Unit Global Services. Various positions within Ericsson including Sales and Business Control in Business Unit Global Services, CFO in North America and Vice President, Finance and Commercial within the Global Customer Account Vodafone.

Arun Bansal

Arun Bansal

Senior Vice President and Head of Business Unit Network Products (since July 1, 2016)

  • Born 1968. Bachelor of Engineering (Electronics) University of Jiwaji and Postgraduate Diploma in Marketing from Indira Gandhi National Open University, both from India.
  • Board Member: OPCOM Cables Sdn Bhd, Malaysia.
  • Holdings in Ericsson:* 33,435 Class B shares.
  • Background: Previously Senior Vice President and Head of Business Unit Radio. Joined Ericsson in 1995 and has held various senior positions in the company, including Head of Region South East Asia and Oceania and Country Manager in Indonesia and Bangladesh.

 

Per Borgklint

Per Borgklint

Senior Vice President, Chief Innovation Officer and Head of Business Unit Media and Head of Segment Support Solutions (since July 1, 2016)

  • Born 1972. Master of Science in Business Administration, Jönköping International Business School, Sweden.
  • Board Member: None.
  • Holdings in Ericsson:* 5,953 Class B shares.
  • Background: Senior Vice President and Head of Business Unit Support Solutions (2011-2016). Previously CEO of Net1 (Ice.net), Canal Plus Nordic and Versatel. Has also held several leading positions at Tele2.

 

Bina Chaurasia

Bina Chaurasia

Senior Vice President, Chief Human Resources Officer and Head of Group Function Human Resources (since 2010)

  • Born 1962. Master of Science in Management and Human Resources, Ohio State University, USA, and Master of Arts in Philosophy, University of Wisconsin, USA.
  • Board Member: None.
  • Holdings in Ericsson:* 48,879 Class B shares.
  • Background: Joined Ericsson from Hewlett Packard, where she was Vice President of Global Talent Management. Has held senior HR leadership roles at Gap, Sun Microsystems and PepsiCo/Yum.

 

Ulf Ewaldsson

Ulf Ewaldsson

Senior Vice President, Chief Technology Officer and Head of Group Function Technology (since 2012)

  • Born 1965. Master of Science in Industrial Engineering & Management from Linköping University, Sweden.
  • Board Member: Lund University.
  • Holdings in Ericsson:* 35,560 Class B shares.
  • Background: Previously Head of Product Area Radio within Business Unit Networks. Has held various managerial positions within Ericsson since 1990. Member of the European Cloud Partnership Steering Board.

 

Niklas Heuveldop

Niklas Heuveldop

Senior Vice President, Chief Customer Officer and Head of Group Function Sales (since July 1, 2016)

  • Born 1968. Master of Science in Industrial Engineering & Management from Linköping University, Sweden.
  • Board Member: The Swedish-American Chamber of Commerce New York.
  • Holdings in Ericsson:* 5,730 Class B shares.
  • Background: Previously Head of Global Customer Unit AT&T, Head of Engagement Practices, Region Latin America and Caribbean, Head of Market Unit Central America and Caribbean. Has held CEO and COO positions at ServiceFactory and WaterCove Networks.

 

Chris Houghton

Chris Houghton

Senior Vice President and Head of Region North East Asia (Since August 2015)

  • Born 1966. Bachelor of Law from Huddersfield Polytechnic, England.
  • Board Member: None.
  • Holdings in Ericsson:* 18,846 Class B shares.
  • Background: Previously Head of Region India and Head of Customer Unit UK and Ireland. Has also previously held management positions within Ericsson in China, Hungary, India, Ireland, Japan, Sweden and the UK.

 

Fredrik Jejdling

Fredrik Jejdling

Senior Vice President and Head of Business Unit Network Services (since July 1, 2016)

  • Born 1969. Master of Science in Economics & Business Administration from Stockholm School of Economics, Sweden.
  • Board Member: None.
  • Holdings in Ericsson:* 7,691 Class B shares.
  • Background: Previously Head of Region Sub-Saharan Africa. Has held a variety of positions in commercial operations and financials, including Head of Region India, and Head of Sales and Finance for Business Unit Global Services. Before joining Ericsson, Jejdling held senior positions with LUX Asia Pacific and Tele2 Group.

 

Anders Lindblad

Anders Lindblad

Senior Vice President and Head of Business Unit IT & Cloud Products (since July 1, 2016)

  • Born: 1968. Master of Science in Industrial Engineering & Management from Linköping University, Sweden.
  • Board Member: LUISS Business School, Rome Italy.
  • Holdings in Ericsson:* 25,739 Class B shares.
  • Background: Previously Senior Vice President and Head of Business Unit Cloud & IP, and Head of Region Middle East. Has held a variety of international positions in business development and commercial operations.

 

Nina Macpherson

Nina Macpherson

Senior Vice President, Chief Legal Officer, Head of Group Function Legal Affairs and secretary to the Board of Directors (since 2011)

  • Born 1958. Master of Laws, LL.M., University of Stockholm, Sweden.
  • Board Member:The Association for Swedish Listed Companies and the Arbitration Institute of the Stockholm Chamber of Commerce (SCC).
  • Holdings in Ericsson:* 23,549 Class B shares.
  • Background: Previously Vice President and Deputy Head of Group Function Legal Affairs at Ericsson. Previous positions also include private practice and in-house attorney. Member of the Swedish Securities Council.

 

Nina Macpherson

Magnus Mandersson

Executive Vice President (since 2011) and and Head of Segment Global Services (since 2010)

  • Born 1959. Bachelor of Business Administration, University of Lund, Sweden.
  • Board Member: Interogo Foundation.
  • Holdings in Ericsson:* 50,447 Class B shares.
  • Background: Previously Head of Business Unit CDMA, Market Unit Northern Europe, Global Customer Account Deutsche Telekom AG and Product Area Managed Services. Previously also President and CEO of SEC/Tele2 Europe and COO of Millicom International Cellular S.A.

 

Helena Norrman

Helena Norrman

Senior Vice President, Chief Marketing and Communications Officer and Head of Group Function Marketing and Communications (since 2014)

  • Born 1970. Master of International Business Administration, Linköping University, Sweden.
  • Board Member: None.
  • Holdings in Ericsson:* 22,388 Class B shares.
  • Background: Senior Vice President and Head of Group Function Communications 2011-2014. Previously Vice President, Communications Operations at Group Function Communications. Has held various positions within Ericsson’s global communications organization since 1998. Previous positions as communications consultant.

 

Jean-Philippe Poirault

Jean-Philippe Poirault

Senior Vice President and Head of Business Unit IT & Cloud Services (since July 1, 2016)

  • Born 1965. Master’s degrees from École supérieure d’électricité and ESTP Paris, both in France.
  • Board Member: None.
  • Holdings in Ericsson:* 569 Class B shares.
  • Background: Previously Head of Consulting and Systems Integration, Business Unit Global Services, and Head of Strategy & Portfolio Innovation. Prior to joining Ericsson in 2011, Poirault was President of Alcatel-Lucent’s Multimedia, IT and Telecom Service Business Unit.

 

Rima Qureshi

Rima Qureshi

Senior Vice President, Head of Region North America and Chief Strategy Officer (since July 1, 2016)

  • Born 1965. Bachelor of Information Systems and Master of Business Administration, McGill University, Montreal, Canada.
  • Board Member: MasterCard Incorporated and Great-West Lifeco Inc.
  • Holdings in Ericsson:* 11,991 Class B shares.
  • Background: Senior Vice President and Head of Group Function Strategy and Head of M&A 2014-2016. Senior Vice President Strategic Projects 2013–2014, and Head of Business Unit CDMA Mobile Systems, 2010–2012. Previously Vice President of Strategic Improvement Program and Vice President Product Area Customer Support. Has held various positions within Ericsson since 1993. Senior Vice President and Head of Group Function Strategy and Head of M&A 2014-2016.

 

Charlotta Sund

Charlotta Sund

Senior Vice President and Head of Customer Group Industry & Society (since July 1, 2016)

  • Born 1963. Master of Science in Industrial Engineering & Management from Linköping University, Sweden.
  • Board Member: None.
  • Holdings in Ericsson:* 8,787 Class B shares.
  • Background: Previously Head of Region Northern Europe & Central Asia. Has held a variety of positions such as Head of Customer Unit Industry & Society, Region Northern Europe & Central Asia, and Vice President and Head of Multimedia & Systems Integration, Market Unit Nordic & Baltics.

 

Elaine Weidman-Grunewald

Elaine Weidman-Grunewald

Senior Vice President, Chief Sustainability Officer, and Head of Group Function Sustainability and Corporate Responsibility (since July 1, 2016)

  • Born: 1967. Double Master’s degree in Resource and Environmental Management and International Relations from Boston University Center for Energy and Environmental Studies in the US.
  • Board Member: Millennium Promise.
  • Holdings in Ericsson:* 8,582 Class B shares.
  • Background: Head of Sustainability and Corporate Responsibility unit within Ericsson since 2005. Joined Ericsson in 1998 and has previously held positions in product management, marketing and sales in the US and Sweden. Prior to joining Ericsson, she worked in international sales, business development and environmental certification.
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