Ericsson has appointed long-time board member Börje Ekholm president and CEO, effective from mid-January.
Ekholm will replace interim CEO Jan Frykhammar on January 16, who is standing in following the resignation of Hans Vestberg in July.
Ekholm joins Ericsson from Patricia Industries, a division of Sweden's Investor - Ericsson's largest shareholder -where he is CEO. Prior to this he was CEO of Investor AB between 2005 and 2015, and has held positions at companies including Novare Kapital and McKinsey and Co.
“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,” he commented.
“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."
Ekholm is also a board member of Alibaba and several other companies. He is based in the US, and will stay there when he takes the role. He will retain his position on the Ericsson board.
Ericsson recently announced plans to cut 3,000 jobs in Sweden as part of the vendor's ongoing cost cutting program.