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Technology Stocks : Ericsson overlook? -- Ignore unavailable to you. Want to Upgrade?

To: qdog who wrote (3471)	7/8/1999 2:00:00 PM
From: Ellen	Respond to of 5390

telecommweb.com Shakeup At Ericsson Sven-Christer Nilsson resigned yesterday as president and CEO of L.M. Ericsson [ERICY] after just 15 months on the job. Nilsson's duties have been split between Chairman Lars Ramqvist, who will return to the CEO's position he vacated last year in favor of Nilsson, and Ericsson veteran Kurt Hellstrom, who was promoted to president. The shakeup can be read as further evidence of turmoil at the Swedish telecom equipment maker, which has been trying to restructure to improve long-term growth prospects and boost profitability. There also is a technology component to the restructuring, with Ericsson seeking to more tightly integrate Internet protocol applications with its strengths in telecommunications, data communications and mobility. The Ericsson board of directors publicly supports the restructuring that Nilsson helped fashion, but the board would like to quicken the pace. "The next phase of implementation of this strategy and continued technological changes require strong and expeditious leadership," the company said. Ironically, Nilsson vowed that the pace would increase last December when he ordered substantial employee reductions.