Jan Frykhammar

The bad news keeps piling up for Ericsson. Last week the Sweden-based giant reported that it intends to cut its 16,000 Swedish workforce by 3,000 positions in production, research & development (R&D), as well as sales and administration. Yesterday the Sweden-based company gave an interim report that sales fell 14% in Q3.

Ericsson‘s (NASDAQ:ERIC) Board of Directors today announced that Hans Vestberg steps down as President and CEO and member of the Board of Directors of Ericsson with immediate effect.