Leif Johansson, Chairman of Sweden's Ericsson AB (ERIC), Wednesday announced he will be stepping down from his position after six years in the job.
Mr. Johansson said he wanted to give the company plenty of time to find his replacement, hence his announcement that he won't make himself available for re-election at next year's annual shareholders meeting.
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The wireless telecommunications equipment supplier named Börje Ekholm chief executive earlier this year and launched a turnaround plan, based partly on cutting costs amid a fiercely competitive telecom equipment market.
"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," Mr. Johansson said.
Mr. Johansson's career has seen him serve as chief executive of Electrolux AB and Volvo AB, before becoming Chairman of Ericsson in 2011.
Ericsson's nomination committee has initiated the search for a replacement.
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(END) Dow Jones Newswires
July 05, 2017 03:40 ET (07:40 GMT)