Hans Vestberg
Ericsson has announced a reorganisation of its senior management team after a weak first quarter.
Three vice presidents have been removed and there are a number of internal promotions.
A new Media business unit is one of five dedicated business areas that will work alongside a
dedicated customer service unit.
Media will headed by Per Borgklint, Senior Vice President, Chief Innovation Officer, and a member of the Executive Leadership Team.
“We are not satisfied with our overall growth and profitability development over past years. We are today announcing further actions to accelerate strategy execution and to drive efficiency and growth across the company even harder,” said Hans Vestberg, President and CEO. “We will create a leaner, more fit for purpose organization, to cater for the needs of different customer segments and to faster capture market opportunities. As 5G, the Internet of Things, and Cloud drive the next phase of industry development, the time is just right to make these changes.”
The Stockholm-based company saw profits jump by 49%, but with earnings well below expectations, it fell by 10% in morning trading on the Stockholm bourse.
