Sunday, 26 March 2017

Executive decisions: changing of the guard

By Nick Wood, Total Telecom
Tuesday 20 December 16

A certain CEO's tenure at one of the world's biggest telco vendors was abruptly curtailed this year; plus some European incumbents also made major changes at the top.

2016 will go down as the one of the more turbulent years in recent memory, not least of all for a number of executives in the global telecoms industry. Just ask Hans Vestberg, who was ousted from his role as Ericsson CEO in June as slowing spending on mobile network equipment resulted in the Swedish kit maker posting dismal financial results for two consecutive quarters. An aggressive cost-cutting programme coupled with a substantial restructuring were not enough to ease the pressure on Vestberg, who worked at Ericsson for 28 years, serving as CEO for the last seven. Following Vestberg's departure, Ericsson – led on an interim basis by CFO Jan Frykhammer – issued a third-quarter profit warning and a dour forecast for 2017. Börje Ekholm, a long-serving Ericsson board member and onetime CEO of Swedish investment company Investor AB, was picked as the vendor's new chief executive in late October…

2016 will go down as the one of the more turbulent years in recent memory, not least of all for a number of executives in the global telecoms industry. Just ask Hans Vestberg, who was ousted from his role as Ericsson CEO in June as slowing spending on mobile network equipment resulted in the Swedish kit maker posting dismal financial results for two consecutive quarters. An aggressive cost-cutting programme coupled with a substantial restructuring were not enough to ease the pressure on Vestberg, who worked at Ericsson for 28 years, serving as CEO for the last seven. Following Vestberg's departure, Ericsson – led on an interim basis by CFO Jan Frykhammer – issued a third-quarter profit warning and a dour forecast for 2017. Börje Ekholm, a long-serving Ericsson board member and onetime CEO of Swedish investment company Investor AB, was picked as the vendor's new chief executive in late October…

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