Having spent the 20-oughts emerging from economic crisis to become a global mega-vendor, Ericsson will start the 20-teens with a new CEO intent on continuing its expansion and strength in emerging markets. Hans Vestberg has been named CEO of the company, and will move into the job at the beginning of 2010, as current CEO Carl-Henric Svanberg moves on to become chairman of BP.
Vestberg, a career-long but well-traveled Ericsson employee, currently is CFO of the company, though might be better known to many as the past chief of Ericsson's Global Service unit and the engineer of the vendor's success collecting managed network contracts from carriers. He will begin his tenure with an eye to expand in Africa and to continue investing in recent growth sectors like China and India.
Svanberg will continue to hold a seat on the Ericsson board of directors, and he leaves full-time duty at the company after more than six years, which witnessed Ericsson becoming a more balanced wireline and wireless network equipment vendor through acquisitions of firms such as Redback Networks, Tandberg and others.
- Light Reading Europe has this story
Vestberg became CFO of Ericsson in October 2007