Ericsson CEO steps down

Swedish mobile telecoms equipment maker Ericsson’s Chief Executive Hans Vestberg has stepped down with immediate effect, the company said on Monday.

Vestberg, who has been the CEO since 2010, has come under fire in recent months, with media questioning his leadership and pay, particularly after weak quarterly results announced in April sent its shares down 15 percent in a single day.

The departure comes days after the company reported that like- for- like sales had declined for a seventh consecutive quarter.

CFO Jan Frykhammar will be acting CEO, with group treasurer Carl Mellander as acting CFO, while the company searches for Vestberg’s successor.