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To: Ruffian who wrote (34188)	7/7/1999 12:12:00 PM
From: JRH	Respond to of 152472

Ericy getting hammered today. Why? Ericsson CEO Quits, Group To Speed Restructuring dailynews.yahoo.com Swedish telecommunications company Ericsson, the world's third-biggest mobile phone producer, Wednesday announced the resignation of Chief Executive and President Sven-Christer Nilsson. He was replaced as chief executive by Chairman Lars Ramqvist in a reshuffle the company said aimed to improve profitability and long-term growth as Ericsson speeds up its restructuring efforts. ``The Board has found this arrangement important to the company at this stage, considering current restructuring work... There is now a need for increased pace in the restructuring efforts to secure Ericsson's continued leading position and profitability,' Ericsson said in a statement. Nilsson was replaced as President by Kurt Hellstrom, who is currently Executive Vice-President, Asia Pacific, and has been with the company since 1984. The changes were effective Wednesday. It said the Board emphasized that the measures were intended to improve profitability and long-term growth in the company. At 11 a.m. EDT, Ericsson's share had plunged 23 crowns to 262 crowns. They hit a high for the year of 287.5 crowns Monday, after climbing steadily for several weeks. Justin