Hans Vestberg to replace Carl-Henric Svanberg
Ericsson’s chief executive Carl-Henric Svanberg is leaving his position to join as the chairman of British oil major BP. The company’s current CFO and executive vice president Hans Vestberg would replace Svanberg when he steps down at year-end after his seven-year tenure.
Michael Treschow, chairman of Ericsson, said: Hans Vestberg will lead Ericsson in a phase where the transformation of telecom operators’ networks and implementation of IP-based services are crucial in order to continue the company’s successful creation of shareholder value.
Svanberg, who is also the chairman of Sony Ericsson, would succeed Peter Sutherland as the chairman of BP. Svanberg would remain as a board member of Ericsson.
Tony Hayward, chief executive of BP, said: Peter Sutherland has been an outstanding chairman, guiding the company through one of the most successful periods in its history. He will be a hard act to follow.
”But I am sure Carl-Henric will be a worthy successor. He is a businessman of international stature who is recognised for his transformation of Ericsson. Our shared views on many aspects of global business give me great confidence that we will work very effectively together on the next phase of BP’s progress.