New Ericsson Chairman to be Appointed at AGM 2002
STOCKHOLM, Sweden--(BUSINESS WIRE)--Oct. 25, 2001--Lars Ramqvist has advised the nomination committee that he will not be available for re-election as Director of the Board following the Annual General Meeting of Shareholders in March 2002.
Therefore, the nomination committee will propose to the Shareholders Meeting to elect Michael Treschow Director of the Board.
The Board of Telefonaktiebolaget LM Ericsson (LME) (NASDAQ: ERICY - news) has expressed its intent to appoint Michael Treschow Chairman of the Board, provided the Shareholders Meeting elects him Director of the Board. Michael Treschow will resign as President & CEO of Electrolux and Director of the Board of Investor AB. The Board of LME will invite Michael Treschow to follow the work of the Board for the period up to the next Annual General Meeting.
The LME Board has resolved to appoint Lars Ramqvist as Honorary Chairman of the Board, effective from the date he resigns as member of the Board.
Lars Ramqvist stated:
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. I have had the great privilege and joy to contribute to developing Ericsson to a world-leading company and the leading supplier of mobile systems.
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. So far, Ericsson has managed to re-construct the Company at a lower cost than most of our competitors within the system business. By the comprehensive efficiency program that is in progress, Ericsson 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.
Ericsson is shaping the future of Mobile and Broadband Internet communications through its continuous technology leadership. Providing innovative solutions in more than 140 countries, Ericsson is helping to create the most powerful communication companies in the world.
Read more at ericsson.com
Michael Treschow
Mr. Michael Treschow, has since 1997 been President and CEO of Electrolux. Before 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, Mr. Treschow worked for Bahco. Mr. Treschow was born 1943 in Helsingborg, Sweden and holds a Master of Science from the Lund Institute of Technology. Mr. Treschow is Board Member of Atlas Copco AB and Investor AB. |
