Ericsson gets new CEO on board

New boss will need to look at innovative strategies to counter recent trends
Borje Ekholm, Ericsson, Ericsson financials, Ericsson's Board names Börje Ekholm new President and CEO

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Börje Ekholm has been appointed as President and CEO of Ericsson, effective January 16, 2017. Ekholm will also remain a member of the Board of Directors of Ericsson.

Chairman of the Board Leif Johansson said: "I am very pleased to announce the appointment of Börje Ekholm. He has a solid understanding of both the technology and business implications of the ongoing convergence of telecoms, IT and media. Having served on Ericsson's Board of Directors for the past ten years, Börje Ekholm has full understanding of the challenges and the opportunities Ericsson currently faces."

Ekholm joins Ericsson from his current position as CEO of Patricia Industries, a division within Investor. Prior to assuming this position in 2015, Ekholm held the position as president and CEO of Investor AB between 2005 and 2015. Previous positions also include president of Investor Growth Capital, as well as positions with Novare Kapital AB and McKinsey & Co .

Johansson added: "In the middle of a significant company transformation I am confident that Ericsson will benefit from Börje Ekholm's world-class ability to forcefully execute on strategic direction and plans. Börje Ekholm brings years of experience from leading a publicly listed company with a strong track record of driving shareholder value."

Ekholm said: "I am very excited about this opportunity. As the networks and applications become even more important in a 5G connected world, our customers, and the industry, look for continuous innovation. I look forward to joining the great team at Ericsson and work closely with existing and new customers around the world in shaping the future of our industry."

According to CNBC reports, UBS analyst, Gareth Jenkins said that the announcement of Ekholm as the new CEO was "broadly positive". He added, "the new CEO will be faced with the challenge of repointing the core business into new areas given increasing commoditisation and at a time when the balance sheet strength has deteriorated."

Ekholm is a member of the Board of Directors for Telefonaktiebolaget LM Ericsson, Alibaba , NASDAQ OMX Group and Trimble Navigation. He is also a member of the University Board of KTH Royal Institute of Technology.

Born in 1963 Börje Ekholm holds a Master of Science in Electrical Engineering from KTH Royal Institute of Technology, Stockholm, Sweden, as well as a Master of Business Administration from INSEAD, France.

Jan Frykhammar will remain interim CEO until January 16, 2017.

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