Hans Vestberg -- Now Verizon's Problem
"Ericsson, the world's leading provider of telecoms network infrastructure, announced today that CEO Hans Vestberg would step down with immediate effect.
The announcement follows on weeks of turmoil for Ericsson. It was recently revealed that the CEO of Ericsson, Hans Vestberg and other Ericsson executives had received improper salaries and spent hundreds of thousands of dollars on trips, writes Veckans Affärer. Ericsson has subsequently on made headlines for being investigated on suspicions of corruption in China, and for involvement in an arms deal in Greece.
At the same time, the company has been announcing big lay-offs in the struggle to improve profitability.
Ericsson's board of directors voted unanimously to replace Hans Vestberg as CEO of the company."
"Swedish communications equipment maker Ericsson announced Monday that it will replace CEO Hans Vestberg. CFO Jan Frykhammar will serve in the CEO spot until a new chief is named.
The move follows disappointing earnings and the announcement of a big restructuring effort that saw the exit of several top executives.
"We are not satisfied with our overall growth and profitability development over past years," Vestberg said in April.
The board was apparently not satisfied either, voting this month to oust Vestberg."
Good thing he was available for Verizon to snag up. Failed restructurings and massive layoffs are his MO. Specifically he thinks he doesn't need "Service Delivery" people.
Rumors are, another massive layoff will occur around the middle of February. He was laying off in 25,000 people chunks at Ericsson.