Ericsson (ERIC) has named its CFO, Hans Vestberg, as its new president and CEO.
Vestberg replaces Carl-Henric Svanberg, who is moving to BP, the world’s fourth-largest company, to serve as chairman.
Svanberg plans to stay at Ericsson until the end of the year. He will remain a member of Ericsson’s board.
Ericsson stands as the world’s largest telecom equipment maker, in terms of sales, but it still faces the same tribulations as rivals such as Alcatel-Lucent and Nokia Siemens Networks: global operators are slowing network builds in the face of recession, which means less demand for gear. Legacy equipment companies also are fending off increased competition from China-based vendors, which are offering next-gen devices for less cost than competitors.
