CFO of Swedish Telecom Giant Ericsson to Step Down in Early 2024

(Bloomberg) -- Ericsson AB, one of the world’s biggest providers of 5G networking equipment, said late Monday that its chief financial officer will step down at the end of the first quarter of 2024.

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Carl Mellander, who has worked for Ericsson for more than 25 years and has been a member of its executive team for almost seven, is moving on, according to a statement. The Swedish maker of mobile networks said it will begin recruiting a replacement.

Mellander has spent years helping Chief Executive Officer Borje Ekholm turn around the Stockholm-based phone-equipment maker by ending unprofitable contracts, taking writedowns, seeking asset sales, cutting costs and scaling back expansions. Headwinds remain, with analysts expecting Ericsson’s first-quarter earnings report — due out on Tuesday — to show a weak start to the year.

“We have come to a mutual agreement that this is a good time for a change, as the turnaround phase is completed and the foundation for the next chapter of Ericsson’s strategy has been laid,” Ekholm said in the statement.

Read More: Ericsson CEO, Directors Lose Liability Vote Over Iraq Scandal

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