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Ericsson CEO resigns amid controversies

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Ericsson CEO resigns amid controversies

HansVestberg is quitting as CEO of Ericsson AB, effective immediately, the companyannounced July 25.

Vestberg,who will also exit the company's board of directors, will temporarily be replacedby executive vice president and CFO Jan Frykhammar until a new CEO is appointed.

Meanwhile,vice president and group treasurer Carl Mellander will become acting CFO,effective immediately.

Vestbergserved the company for 28 years, including the last seven as CEO. He recentlydrew flak from the Swedish mediaregarding his pay package, leadership and the company's weak quarterly resultsin April, Reuters reported the same day.

Ericsson'slargest shareholders, Investor AB and Industrivarden reportedly confirmed theyare behind the ouster.

The companyrecently announced further cost cuts due to continued sales decline.