Ericsson Picks Frykhammar As New CFO

STOCKHOLM (AP) -- Swedish wireless equipment maker LM Ericsson AB on Monday said Jan Frykhammar will replace Hans Vestberg as the company's financial chief when Vestberg becomes chief executive.

Frykhammar, who currently works as head of the business unit Global Services, will start his new position on Jan. 1.

Frykhammar has held different managerial positions within Ericsson, as well as Ericsson Mobile Phones, since 1991. He will remain as head of Global Services until a successor has been found.

Vestberg is replacing Carl-Henric Svanberg as Ericsson's president and chief executive on Jan. 1.

"Jan Frykhammar has a documented experience of the telecom industry as well as excellent managerial skills," Vestberg said in a statement. "After the careful selection process, he came out as the number one candidate."