• Borje Ekholm stands before the press after he was presented as the new CEO for the Swedish telecom company Ericsson during a press conference at their headquarters in Kista, Stockholm, Sweden, Wednesday Oct. 26, 2016. (Janerik Henriksson/TT via AP)

    Borje Ekholm stands before the press after he was presented as the new CEO for the Swedish telecom company Ericsson during a press conference at their headquarters in Kista, Stockholm, Sweden, Wednesday Oct. 26, 2016. (Janerik Henriksson/TT via AP) (The Associated Press)

  • Borje Ekholm stands before the press after he was presented as the new CEO for the Swedish telecom company Ericsson during a press conference at their headquarters in Kista, Stockholm, Sweden, Wednesday Oct. 26, 2016. (Janerik Henriksson/TT via AP)

    Borje Ekholm stands before the press after he was presented as the new CEO for the Swedish telecom company Ericsson during a press conference at their headquarters in Kista, Stockholm, Sweden, Wednesday Oct. 26, 2016. (Janerik Henriksson/TT via AP) (The Associated Press)

  • Ericsson's Chairman of the Board, Leif Johansson, presents Borje Ekholm, left, as the new CEO for the Swedish telecom company Ericsson during a press conference at their headquarters in Kista, Stockholm, Sweden, Wednesday Oct. 26, 2016. (Janerik Henriksson/TT via AP)

    Ericsson's Chairman of the Board, Leif Johansson, presents Borje Ekholm, left, as the new CEO for the Swedish telecom company Ericsson during a press conference at their headquarters in Kista, Stockholm, Sweden, Wednesday Oct. 26, 2016. (Janerik ... Henriksson/TT via AP) (The Associated Press)

Ericsson appoints new CEO amid decline in networks industry

Markets Associated Press

Ericsson has appointed longtime board member Borje Ekholm as the new CEO as the Swedish networks operator struggles to improve earnings amid a decline in the industry.

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Ekholm, current executive head of Patricia Industries, has been a board member of Ericsson for 10 years and held positions on several publicly listed companies.

CFO Jan Frykhammer will remain interim CEO until Jan. 16, when Ekholm's appointment comes into force.

Board chairman Leif Johansson described Ekholm as having "a strong track record of driving shareholder value.

Last week, Ericsson reported a $26 million loss in the third quarter, down from a profit a year earlier, and earlier announced 3,000 job cuts in Sweden.

The company plans global savings of 9 billion kronor ($1 billion) in 2017.