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Borje Ekholm has been CEO of Ericsson since January 2017, during which time the company’s share price has steadily risen
Swedish network equipment provider, Ericsson, could be set to announce the departure of its current CEO, Borje Ekholm, after less than three years in the job, according to industry sources.
Dagens Industri, a Swedish business publication, claimed that Ericsson is preparing to replace Eckholm with outgoing Saab chief exec, Hakan Buskhe.
Ekholm became chief executive of Ericsson in January 2017 and has overseen a stabalisation of costs and a resurgence in profitability at the Swedish tech giant.
“The idea is that Hakan Buskhe will take over as CEO of Ericsson. Borje has taken Ericsson out of the crisis and done it well. Now someone needs to come in and move things along,” an anonymous source told the paper.
Ericsson’s share price has risen by 44 per cent since Ekholm took over the reins, standing at SEK 75.18 ($7.76) per share. Ericsson has out performed analysts’ expectations in 5 out of the last 6 quarterly reports it has issued.
Speaking after the company’s last set of financial results, Ekholm said that Ericsson would continue to use 5G as a catalyst in its return to profitability.
"5G momentum is increasing. Initially, 5G will be a capacity enhancer in metropolitan areas. However, over time, new exciting innovations for 5G will come with IoT use cases, leveraging the speed, latency and security 5G can provide. This provides opportunities for our customers to capture new revenues as they provide additional benefits to consumers and businesses," Ekholm said.
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