However, since Vestberg took the helm, Ericsson shares have fared better than those of its Finnish rival. Stockholm, Sweden: Swedish mobile telecoms gear maker Ericsson parted company with its chief executive Hans Vestberg on Monday, a move led by major shareholders after a series of disappointing results. Chief financial officer Jan Frykhammar was named Ericsson’s acting chief executive while the company searches for a successor to Vestberg, CEO since 2010, who leaves immediately. Swedish media have tipped Anders Runevad, a former long-time Ericsson executive and chief of Danish wind turbine maker Vestas, as a top candidate to take the helm. Ericsson is the fifth Swedish bluechip company in which Industrivarden has a stake to change its top chief since early last year.

Source: Mint July 25, 2016 16:52 UTC