Johan Dennelind will step down as president and CEO of Swedish telecom operator Telia Co. AB in 2020 to "take on new challenges," according to an Aug. 4 statement.

Telia's board has started looking for a successor to Dennelind, who will remain in his role for the time being.

Dennelind, who has been Telia's top executive since September 2013, is credited with leading the telco's exit from the Eurasian region. The move is in line with the company's focus on core areas such as connectivity and convergence, while strengthening operations in Europe and Sweden.