Börje Ekholm’s task of reviving Ericsson has begun as he starts his first day as President and CEO of the Sweden-based vendor.
The appointment, announced last October, sees Ekholm replace interim CEO Jan Frykhammar, who will remain as an Executive Vice President and Advisor to the CEO.
Ekholm gets to work six months after predecessor Hans Vestberg was removed from his position for an inability to turn the company’s performance around.
The Sweden-based vendor has struggled financially; sales fall eight percent to SEK157 billion between January and September 2016, while profits almost halved.
Insider Ekholm has been a member of Ericsson’s board of directors since 2006.
At his inaugural press conference last year, Ekholm said establishing profitability was the first key goal.
Leif Johansson, Chairman of the Board, Ericsson, said: "I am confident that Börje Ekholm will be able to guide Ericsson on the next steps of the company's development.
“Having served on the Ericsson Board of Directors for many years, Börje has a deep understanding of the business and the challenges Ericsson currently faces.”
Ekholm commented: "Ericsson has shaped an entire industry and led technology developments that have benefitted so many.
“Yet, we are only at the beginning of the mobility journey as we in coming years will see massive transformation across industries as 5G is introduced."
Magnus Mandersson remains Executive Vice President and Advisor to the CEO, as well as Chairperson of four of Ericsson’s 10 regions.
Carl Mellander remains acting Chief Financial Officer and a member of the Executive Leadership Team.