Ericsson announces CFO transition

Rhea-AI Summary

Ericsson (NASDAQ: ERIC) announced that Chief Financial Officer Carl Mellander will resign at the end of Q1 2024 after nearly 25 years with the company, including seven years in his current role. The decision comes as part of a mutual agreement, signaling the completion of Ericsson's turnaround strategy. CEO Börje Ekholm praised Mellander for his contributions to restoring the company's financial health and technology leadership. A recruitment process for a new CFO will commence shortly. Mellander expressed pride in his tenure and confidence in Ericsson's future as it expands its market position.

Positive

• Carl Mellander has significantly strengthened Ericsson's financial position during his tenure as CFO.
• The company has regained technology leadership and completed its turnaround phase.

Negative

• None.

STOCKHOLM, April 17, 2023 /PRNewswire/ -- Ericsson (NASDAQ: ERIC) today announced that Carl Mellander, the Company's Chief Financial Officer, will step down at the end of the first quarter 2024. Mr. Mellander has been with Ericsson for over 25 years and has been a member of its Executive Team since 2016. A recruitment process will be initiated to appoint a successor.

Börje Ekholm, President and CEO, comments: "For almost 7 years Carl has been a valued member of the Executive Team and instrumental in the turnaround of Ericsson. We have come to a mutual agreement that this is a good time for a change, as the turnaround phase is completed and the foundation for the next chapter of Ericsson's strategy has been laid. During his tenure as CFO, Ericsson regained its technology leadership and significantly strengthened its financial position. With his dedicated leadership and broad background in Ericsson and other companies, Carl has successfully built Ericsson's finance function and been an integral part in closing key strategic acquisitions as well as enhancing our compliance program. I wish him all the best in his future ventures. I am happy he will stay on in the role until the end of Q1 2024, which allows for finding and ensuring a smooth handover to a successor."

Carl Mellander comments: "It has been an incredible privilege to serve as Ericsson's CFO during these soon 7 years and to work with such an extraordinary group of people. I am deeply proud of the work we have done in transforming the Company; Ericsson is well positioned globally to continue building on its industry-leading position and to expand into enterprise. If there was ever a good time for me to move on to new career adventures, I feel that this moment is it, and I am excited about what the future might bring. Meanwhile I will continue in full capacity as CFO during this period. I will always follow Ericsson with passion and pride as it keeps transforming society."

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ABOUT ERICSSON:

Ericsson enables communications service providers and enterprises to capture the full value of connectivity. The company's portfolio spans the following business areas: Networks, Cloud Software and Services, Enterprise Wireless Solutions, Global Communications Platform, and Technologies and New Businesses. It is designed to help our customers go digital, increase efficiency and find new revenue streams. Ericsson's innovation investments have delivered the benefits of mobility and mobile broadband to billions of people globally. Ericsson stock is listed on Nasdaq Stockholm and on Nasdaq New York. www.ericsson.com

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Ericsson announces CFO transition

 

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SOURCE Ericsson

FAQ

When will Carl Mellander step down as CFO of Ericsson?

Carl Mellander will step down at the end of the first quarter of 2024.

What has Carl Mellander accomplished during his time as CFO of Ericsson?

During his tenure, Mellander has played a crucial role in the company's turnaround and strengthening its financial position.

Who is responsible for finding a successor for the CFO position at Ericsson?

A recruitment process will be initiated to appoint a successor to Carl Mellander as CFO of Ericsson.

What was the reason for Carl Mellander's resignation from Ericsson?

The resignation is part of a mutual agreement, deemed a good time for a change after completing the turnaround phase.

How long has Carl Mellander been with Ericsson?

Carl Mellander has been with Ericsson for over 25 years.