Ericsson's chairman Michael Treschow plans to step down

Feeling that the company is "in good shape," Ericsson's (Nasdaq: ERIC) Chairman Michael Treschow announced today that he's going to leave the Stockholm, Sweden-based company either next year or in 2012.

Michael TreschowEricsson said in a prepared statement that it would name a successor to Treschow, who became company chairman in March 2002, at one of its next two annual shareholders' meetings.

"This is something that has grown inside me since the latter part of the fall," Treschow said today in a phone interview with Bloomberg. "Nine years is a long time. The company is also very stable and in good shape. The combination probably makes for a good time to find somebody else."

Treschow's legacy at Ericsson will be that of a turnaround man.

Like many telecom vendors in 2001, Ericsson saw its first full year loss in over 50 years, a factor it attributed to the infamous telecom nuclear winter. To climb out of the economic downturn in 2002, Treschow mad the bold moves of selling $4.4 billion of its stock and reducing its employee base from 110,000 employees to 40,000 over two years.

For more:
- Bloomberg has this article

Related articles:
Ericsson acquires inCode to bolster its North American professional service capabilities
Ericsson accelerates its professional services engine
Ericsson extends managed service relationship with Telefonica Brazil
Telecom vendors offer a professional touch
Sprint hands wireless and wireline network keys to Ericsson
Sprint inks $5B network outsourcing deal with Ericsson

FREE DAILY NEWSLETTER

Like this story? Subscribe to FierceTelecom!

The Telecom industry is an ever-changing world where big ideas come along daily. Our subscribers rely on FierceTelecom as their must-read source for the latest news, analysis and data on the intersection of telecom and media. Sign up today to get telecom news and updates delivered to your inbox and read on the go.