STOCKHOLM (AP) -- Swedish wireless equipment company L.M. Ericsson AB says its chairman Michael Treschow will leave his position within the next two years.
The company says a nomination committee appointed by its largest owners will propose a new chairman to the annual general meeting in 2011 or 2012.
Treschow, 67, has been the chairman of Ericsson since 2002 and helped appoint chief executives Carl-Henric Svanberg in 2003 and Hans Vestberg in 2009.
In a statement Monday, he said Ericsson's strong market and financial position means "it is now the right time to hand over to a successor."
Shares in Ericsson fell by 0.8 percent to 74.05 kronor ($10.9) in early Stockholm trading.