BUSINESS IN ASIA / CHINA / SWEDEN
Ericsson in crisis: CEO fired, suspicions of corruption
August 1, 2016 - by News Desk - Leave a Comment
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Ericsson (the Swedish world leader in communications technology and services) is in a leadership crisis and being investigated on corruption. The corporation also announced that large lay-offs are imminent.
With mounting pressure on Ericsson its Board of Directors announced on 25 July 2016, in the middle of the Swedish vacation break, that its President and CEO Hans Vestberg was stepping down with immediate effect. Jan Frykhammar, Executive Vice President and CFO, will assume the CEO position until a new CEO is in office.