Swedish mobile telecoms gear maker Ericsson’s Chief Executive Hans Vestberg has stepped down with immediate effect. Vestberg, who has been CEO since 2010, has come under fire in recent months, with Swedish media questioning his leadership and pay, particularly after weak quarterly results in April sent its share price down 15 percent in a single day.

• Hans Vestberg says: “I have had 28 fantastic years at Ericsson, the last seven as CEO. As the industry enters a next phase, driven by 5G, IoT and Cloud, it is time for a new CEO to step in and continue the work to ensure Ericsson’s industry leadership.

• Chief Financial Officer Jan Frykhammar will be acting CEO, with group treasurer Carl Mellander as acting CFO, while the company searches for Vestberg’s successor.

• Jan Frykhammar joined Ericsson 1991, and has held various positions in finance and business control. In 2009, Frykhammar became Executive Vice President, CFO and Head of Group Function Finance, and before that he was Head of Business Unit Global Services. He holds a Bachelor of Business Administration and Economics from the University of Uppsala, Sweden.

Ericsson:

Ericsson multinational networking and telecommunications equipment and services company headquartered in Stockholm, Sweden.

CEO: Jan Frykhammar

Headquarters: Stockholm, Sweden