Ericsson (Stockholm, Sweden) announced that its board of directors has appointed Carl-Henric Svanberg as the new CEO and President of Ericsson. Svanberg will take office at Ericsson's Annual General Meeting on April 8, 2003. Ericsson's CEO and President Kurt Hellström will stay with the company until the end of the year in order to secure a successful transition.
"Kurt Hellström has decided to make use of his possibility to retire at the age of 60," says Michael Treschow, Ericsson's chairman of the board. "I am pleased to announce a very competent successor to Kurt Hellström today. He will continue Kurt Hellström's successful work in controlling Ericsson's costs, while keeping up our leading market position. Carl-Henric Svanberg will keep the same focus as Kurt Hellström, namely to make Ericsson return to profit, cut costs and to strengthen our leading position."
