Ericsson names Ekholm as its new CEO

By:
James Pearce
Published on:

Börje Ekholm has sat on the board at the Swedish infrastructure firm for over a decade and replaces Hans Vestberg, who left in July

Ericsson has named Börje Ekholm as its new president and CEO. He will join the Swedish firm in January.

Ekholm is joining the firm from his position as CEO of Patricia Industries, part of Swedish firm Investor which owns a stake in Ericsson, where he has served since 2005.

He has sat on the Ericsson board of directors for more than a decade, and has previously held positions with Novare Kapital and McKinsey & Co.

Börje Ekholm says: "I am very excited about this opportunity. As the networks and applications become even more important in a 5G connected world, our customers, and the industry, look for continuous innovation. I look forward to joining the great team at Ericsson and work closely with existing and new customers around the world in shaping the future of our industry."

He will take the reins from CFO Jan Frykhammar, who has held the role of interim CEO at Ericsson since July when Hans Vestberg was sacked following an 11% fall in sales.

Investor, along with fellow shareholder Industrivarden, were both reportedly involved in Vestberg’s departure in July. The two firms hold between them a 37% stake in the infrastructure giant.

Ericsson Chairman Leif Johansson says: "I am very pleased to announce the appointment of Börje Ekholm. He has a solid understanding of both the technology and business implications of the ongoing convergence of telecoms, IT and media. Having served on Ericsson's Board of Directors for the past ten years, Börje Ekholm has full understanding of the challenges and the opportunities Ericsson currently faces."