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.