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.
Ericsson 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
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