Ericsson’s new president and CEO, Brje Ekholm, has taken office on the 17th. This multinational communications giant has changed four CEOs since 1999.
In fact, this appointment was announced as early as October last year. Bao Yikang, born in 1963, is an Ericsson. He has been a member of the Ericsson Board of Directors for the past 10 years. In addition to his management experience in many large companies, he still Alibaba, NASDAQ-OMX Group, Tianbao Navigation Co., Ltd. and members of the board of the Royal Institute of Technology of Sweden.
According to the financial report, Ericsson's revenue for the second quarter of 2016 was 54.1 billion Swedish kronor (about 6.32 billion US dollars), down 11% year-on-year; net profit was 1.6 billion Swedish kronor (about 187 million US dollars), down 26% year-on-year.
Shortly after the release of this terrible earnings report, Ericsson's board of directors announced the removal of Hans Vestberg's president and CEO and Ericsson's board of directors, and announced that Ericsson's executive vice president and CFO Jan Frykhammar temporarily took over the position of CEO. Wei Hansi had served Ericsson for 28 years and had been the CEO of Ericsson for 7 years. At that time, there was a foreign media report from the Swedish public television that Wei Hansi’s stepping down was also due to the corruption scandal involving retraction.
Bao Yikang, the new president and CEO of Ericsson
After the news was released last year, the report of the China Enterprise News said: "Ren Zhengfei "killed four CEOs of Ericsson." According to reports at the time, there was an unwritten rule within Ericsson: When the CEO is very easy, as long as he defeats Huawei, no matter who he is, he can be rock solid on the CEO throne. Therefore, the analysis at the time considered that Ericsson was overtaken in technology, or was attacked in the market. The initiators were all Huawei.
Ericsson said that Jan Frykhammar, the former CEO and CEO, is still a member of the senior management team and has been appointed as executive vice president and CEO consultant. He will support Bao Yikang during the transition period and is committed to the governance of Ericsson. And efficiency improvement.
From the third quarter of last year's earnings report, Ericsson's revenue fell 14% year-on-year, gross profit margin fell to 28.3% year-on-year (33.9% in the same period last year), operating profit margin fell to 0.7% year-on-year (8.6% in the same period last year). According to public reports last year, Ericsson will carry out a layoff plan of 1,000 and 3,000 people in Italy and Sweden respectively.
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