The board of telecommunications equipment giant Ericsson has forced its CEO, Hans Vestberg, to step down today with immediate effect after the board agreed that he wasn’t the person to turn Ericsson around.
Ericsson said that Vestberg, who led the Swedish firm for seven years, would be replaced in the short term by chief financial officer Jan Frykhammar.
It’s a tough period for the company that had sacked thousands of workers this year alone following the stagnant nature of the market for its product. In addition to the lay offs, it added that it is still looking to drastically cut costs.
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