Ericsson Forms New Executive Management Team

March 16, 2003 by Jeff Shepard

Ericsson (Sweden) announced that Per-Arne Sandström has been appointed First Executive Vice President and Deputy Chief Executive Officer. Karl-Henrik Sundström was appointed Chief Financial Officer and Executive Vice President. Sandström and Sundström, together with Ericsson's new President and CEO Carl-Henric Svanberg, will form the new Executive Management Team for the Ericsson Group, effective April 8, 2003. Current Chief Financial Officer Sten Fornell will leave the company at the end of 2003 and will be advising the new executive management in financial matters during the remainder of the year.

"The new Ericsson Executive Management Team gives us continued strong focus on our restructuring work as well as high customer focus," stated Svanberg. Svanberg will take office in connection to the Annual General Meeting on April 8, 2003.