Ericsson announces incoming CFO

Incoming Ericsson CEO Hans Vestberg on Monday nominated his successor to take the position of chief financial officer.

Jan Frykhammar, who will take up the role from November 1, is currently head of the global services business unit and senior vice president. Frykhammar will remain as head of global services until a successor has been appointed.

Carl-Henric Svanberg announced in June that he was standing down as president and CEO of the Swedish infrastructure vendor to become chairman of BP.

Ericsson took a beating during the third quarter of 2009, watching its net income dive 74 per cent year on year, dragged down by poor demand and further hits from its joint ventures.

Net income for the period shrank to SEK800m, down from SEK2.9bn in the third quarter of 2008. Net sales were also down 6 per cent year on year to SEK46.4bn, compared to SEK49.2bn in the third quarter of 2008.