As the company warned recently, Ericsson posted a disappointing earnings report today, saying net income fell 36% to its lowest point in three years, while sales were up, but missed most analyst estimates. On the potentially bright side, Ericsson said young rising star executive Hans Vestberg, head of the Ericsson Global Services, would take over as chief financial officer at the equipment vendor. Vestberg's services unit has become a consistently strong contributor to the company's overall income, while setting a standard model for a telecom vendor community that is increasingly migrating from hardware sale to professional and managed services.
Vestberg replaces Karl-Henrik Sundstrom, who stepped down from the CFO position voluntarily, the company said.
- The Financial Times has the details
- Ericsson issued its earnings warning just 10 days ago