Ericsson appoints services chief as new CFO

Ericsson named Jan Frykhammar, currently the head of its Global Services business, as its new CFO, succeeding Hans Vestberg, who will take over as CEO at the end of the year. Vestberg, in turn, is taking over the reins from Carl-Henric Svanberg, who is leaving to become chairman of BP. 

Frykhammar, who started at Ericsson in 1991 with Vestberg after they both graduated from the University of Uppsala in Sweden, will take over as CFO Nov. 1. Ericsson has not immediately named a replacement for Frykhammer.

The selection was seen by Swedish analysts as a safe choice and a steady hand at a time when the company is facing declining sales in the network equipment market. Last week, Ericsson's net profit for the third quarter fell 71 percent amid declining sales, restructuring charges and intense competition.

Ericsson isn't alone in its front-office shuffle. In September, rival Nokia Siemens Networks said that CEO Simon Beresford-Wylie would step down and be replaced by the company's services chief, Rajeev Suri. 

For more:
- see this Reuters article
- see this Bloomberg article

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