Swedish telecom gear maker Ericssont its board of directors has appointed Borje Ekholm as President and CEO, effective January 16, 2017. Ekholm joins Ericsson from his current position as CEO of Patricia Industries, a division within Investor. His appointment comes almost three months after the company ousted global CEO Hans Vestberg. Ericsson has been struggling across all major geographies. In the third quarter, the company reported a 14 per cent decline in sales with highest de-growth of 28 per cent in India on a year-on-year basis.
- Vestberg served as Ericsson CEO for seven years. He stepped down from the company in July 2016 after Ericsson declared 11 per cent decline in sales in the second quarter result.
- Ericsson in India has also been struggling and has posted continous dip in sales since fourth quarter of 2015.
- Ekholm joins Ericsson from his current position as CEO of Patricia Industries, a division within Investor.
- Investor is the leading owner of Nordic-based international companies, founded by the Wallenberg family a hundred years ago. It has stake in Ericsson as well.
- Prior to assuming this position in 2015, Ekholm held the position as President and CEO of Investor AB between 2005 and 2015.
- Ekholm is a member of the Board of Directors for Telefonaktiebolaget LM Ericsson, Alibaba Inc, NASDAQ OMX Group Inc and Trimble Navigation Ltd.
- He is also a member of the University Board of KTH Royal Institute of Technology.
- Born in 1963, Ekholm holds a Master of Science in Electrical Engineering from KTH Royal Institute of Technology, Stockholm, Sweden, as well as a Master of Business Administration from INSEAD, France.
