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Ericsson's CFO to be new CEO

SWEDISH wireless equipment company L.M. Ericsson yesterday said financial chief Hans Vestberg will become the new CEO when Carl-Henric Svanberg moves to head the board of BP Group PLC.

Vestberg, 44, will take over the position on January 1. He has worked with Ericsson since 1991 and has been the company's CFO since 2007.

"Hans Vestberg was early in his career at Ericsson identified as a person with outstanding leadership skills," Ericsson board chairman Michael Treschow said in a statement. "He has a proven excellent understanding of Ericsson's business ... (and) has been instrumental in developing Ericsson's industry leading services operation which grew threefold with good profitability during his five years of management."

BP - Europe's second-largest oil firm - said Svanberg will replace Peter Sutherland as its chairman.



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