Leif Johansson, chairman of the board of Ericsson (NASDAQ: ERIC), has informed the company that he will not run for reelection at the 2018 Annual General Meeting of shareholders. A nomination committee has launched an initiative to find a replacement in time for the meeting.
"I have had the privilege to serve as chairman of the Board since 2011. It has been an exciting but also challenging time," said Johansson via a press statement. "Börje Ekholm assumed the position as CEO in the beginning of the year and during the first quarter the company presented a new, more focused, business strategy. This strategy, which is supported by the Board and the major owners, creates a solid foundation for realizing Ericsson's full potential. The company now enters a new phase, with focus on execution, and we also have a new ownership constellation. It is natural to let the owners jointly propose a chairman and well ahead of this I want to announce that I will not be available for a next term."
As Johansson notes, Ericsson has had a tumultuous year, with prior CEO Hans Vestberg ousted last summer and layoffs following in October (see "Vestberg out as Ericsson CEO" and "Ericsson to lay off 3,000 in Sweden"). Meanwhile, Bloomberg reported last month that the company is exploring the sale of its media business.
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