Ericsson CEO Ekholm to step down, be replaced by Per Narvinger
Leadership Transition at Ericsson
Borje Ekholm's Tenure and Achievements
STOCKHOLM, June 16 (Reuters) - Ericsson CEO Borje Ekholm will step down at the end of September and be replaced by current Executive Vice President Per Narvinger, the Swedish telecom equipment maker said on Tuesday.
Ekholm, 63, has been at the helm of Ericsson since 2017 and before that sat on the company's board for nearly a decade.
Turning Ericsson Around
"When I stepped in as CEO in 2017, the company faced considerable headwinds. Since then we have turned Ericsson around and emerged as a global communications and technology leader," Ekholm said.
Market Reaction
Ericsson share price rose 0.6% by 1055 GMT on Tuesday and is up 26% year-to-date, according to LSEG data.
Ekholm's Background
An engineer by training, Ekholm for many years held key positions at Swedish holding company Investor AB, a major Ericsson shareholder, including as its CEO from 2005 to 2015.
Per Narvinger: The Incoming CEO
Narvinger, who joined Ericsson in 1997, will take over as CEO on October 1, while Ekholm will act as his executive adviser until June of next year.
Industry Outlook
"This is a pivotal time in our industry. As AI continues to industrialise, this will increasingly require advanced connectivity solutions, an area where Ericsson is leading," Narvinger said.
Board Changes
Ekholm will also step down from Ericsson's board, the company said.
Reporting Credits
(Reporting by Louise Rasmussen, additional reporting by Johan Ahlander, editing by Essi Lehto)
