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Ericsson boss to be BP chairman

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Ericsson boss to be BP chairman

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The Chief Executive of Ericsson, Carl-Henric Svanberg, is quitting Sweden’s largest company and the world’s biggest telecommunications network equipment manufacturer to become chairman of Britain’s largest firm, the oil giant BP.

Ericsson’s Chief Financial Officer, Hans Vestberg, will replace Svanberg when he moves to the new job at the end of year. The surprise appointment ends BP’s lengthy search to find a replacement for Peter Sutherland, who has been in the job since May 1997 and who has wanted to retire for some time. BP’s Chief Executive, Tony Hayward, said the energy firm would benefit from Svanberg’s experience in emerging markets and in dealing with governments.