October 26, 2016 / 6:46 AM / 3 years ago

Ericsson appoints Investor AB veteran Borje Ekholm as new CEO

STOCKHOLM, Oct 26 (Reuters) - Swedish mobile telecoms gear maker Ericsson appointed Borje Ekholm to take over as chief executive on Wednesday as the firm grapples with tough cost cuts and deteriorating market conditions.

Ekholm, currently CEO of Patricia Industries and who previously served as CEO of the Wallenberg-backed investment firm Investor AB, will take over on Jan 16 from Jan Frykhammar, who has been acting chief executive since Hans Vestberg’s departure in July.

“He has a solid understanding of both the technology and business implications of the ongoing convergence of telecoms, IT and media,” Chairman of the Board Leif Johansson said in a statement.

“Having served on Ericsson’s Board of Directors for the past ten years, Börje Ekholm has full understanding of the challenges and the opportunities Ericsson currently faces.” (Reporting by Olof Swahnberg and Helena Soderpalm, writing by Mia Shanley, editing by Niklas Pollard)

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