Ericsson chairman Lars Ramqvist is to resign from the board of Telefonaktiebolaget LM Ericsson (LME) in March 2002. Electrolux CEO Michael Treschow is expected to succeed him.
Ramqvist said: "After 22 years in the company’s top management and after 12 years as director of the board, it is time to leave the chairmanship.
"The present trade recession is the fourth during my time at Ericsson. Also this time the company will manage to turn around the negative result to the better, in spite the fact that the slow-down affecting the global telecom sector is very severe, particularly within the system business.
"The company is adapting to the rapidly deteriorating market that started to develop at the end of the first quarter this year. Further, Ericsson and Sony have established a joint venture company to reinforce the competitiveness of the mobile phone operations. All together, the pre-requisites to make Ericsson profitable again are in place."
Michael Treschow, has since 1997 been president and CEO of Electrolux. Prior to joining Electrolux he worked for Atlas Copco for 22 years, holding a number of different positions, the last as president and CEO. A part of the time at Atlas Copco was spent abroad, in France and the US.
Prior to Atlas Copco Treschow worked for Bahco. He is a board member of Atlas Copco AB and Investor AB. Born 1943 in Helsingborg, Sweden, he holds a MSc from the Lund Institute of Technology.