News
Former CFO, interim CEO Jan Frykhammar out the door after 26 years.
Another high-profile departure from Ericsson came on Tuesday, as the struggling kit maker waved goodbye to long-serving executive Jan Frykhammar.
Frykhammar has 26 years at Ericsson under his belt, serving as head of Global Services, chief financial officer, and even interim CEO. He most recently held the role of executive vice president and advisor to CEO Börje Ekholm.
"Jan Frykhammar has been invaluable to the company during his 26 years at Ericsson, not least when stepping up as interim CEO in a time when leadership and momentum was of utmost importance," Ekholm said, in a statement.
Also out the door is Magnus Mandersson, who joined the vendor in 2004, and like Frykhammar served most recently as EVP and advisor to Ekholm. Mandersson held numerous roles during his time at Ericsson, including head of Global Services, the Northern Europe business, and senior vice president of the CDMA Mobile Systems division.
"Magnus has been instrumental in building up the company’s services business, and in establishing and nurturing some of our most important customer relationships," Ekholm said "I wish Jan and Magnus all the best in their future endeavours."
Their departures are effective immediately.
In May, another long-serving executive, Rima Qureshi, left Ericsson after nearly 25 years. In addition, earlier this year, Ericsson chairman Leif Johansson announced he would not seek re-election amid pressure from activist investor Cevian Capital.
Meanwhile, Fredrik Jejdling has been named executive vice president of Ericsson. In addition to his new role, he will continue to serve as head of the company’s Networks business.
The executive shuffle comes just weeks after Ericsson reported another dismal set of quarterly financials. Third quarter sales fell 6% year-on-year, net loss widened, and the company swung to an operating loss.
The company also warned that the impact on operating income of further market and customer project adjustments will come in towards the high end of its 3 billion kronor (€307.4 million)-SEK5 billion estimate.
