Hans Vestberg leaves Ericsson's executive chairmanship

Ericsson CFO Jan Frykhammar will assume top responsibility at the company as interim CEO.

Who since 2010 has held the executive presidency of Ericsson, Hans Vestberg, announced this week his resignation from the position with immediate effect.

The CEO of the Swedish multinational had been the subject of criticism in recent months when the board of directors questioned his leadership and his ability to respond to somewhat weak results as expected. Ericsson's comparative sales have declined for the seventh consecutive month.

Last week, Ericsson announced its financial results, which showed a 24% drop in the company's net profit compared to the same period in 2015.

Ericsson's chief financial officer, Jan Frykhammar, will assume top responsibility at the company as interim CEO, while the group's treasurer, Carl Mellander, will serve as chief financial officer.