Ericsson CEO Hans Vestberg sacked

Swedish telecom giant Ericsson today announced that its President and chief executive officer Hans Vestberg has stepped down with immediate effect following poor results. He has also resigned from the Board of Directors of Ericsson. The company said it will start searching for replacement soon.

“If we can, we would like to find someone who has good technology background, and of course the more proven that person is in terms of leadership, the better,” Company chairman Leif Johansson said at a press conference.

After the announcement, Ericsson’s shares gone up by 3%.

Ericsson now needs to focus on smart cost cutting and few takeovers to gain some momentum to compete with rivals Nokia and Huawei.

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