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May 25, 2012
Svanberg to ditch Ericsson for BP
Published: 25 Jun 09 09:34 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/20264/20090625/
Ericsson CEO Carl-Henric Svanberg has been appointed as new chairman of British Petroleum and will leave his post as head of the Swedish telecoms giant at the end of the year.
- Ericsson profits double on sale of Sony stake (25 Apr 12)
- China and Sweden sign deals during Wen visit (25 Apr 12)
- Layoffs hit Sony Mobile workers in Lund (27 Mar 12)
Svanberg, 57, will become chairman of the British energy giant on January 1st, 2010, after a seven-year stint as Ericsson chief executive and chairman of joint venture Sony Ericsson.
"BP is a recognised world leader in the energy sector and it's a great privilege to be invited to lead its board," Svanberg said.
"Following such a distinguished predecessor is quite a challenge but I'm hugely excited about joining the energy industry which is so much at the heart of the global economy. I look forward to it with relish."
BP Chief Executive Tony Hayward paid tribute to the outgoing Sutherland, adding that Svanberg was picked because of his character and good track record.
"Peter Sutherland has been an outstanding chairman, guiding the company through one of the most successful periods in its history. He will be a hard act to follow," Hayward said.
"But I am sure Carl-Henric will be a worthy successor. He is a businessman of international stature who is recognised for his transformation of Ericsson.
"Our shared views on many aspects of global business give me great confidence that we will work very effectively together on the next phase of BP's progress."
Svanberg will continue to serve as a member of Ericsson’s Board of Directors.
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I thought Sony Ericsson wasn't going too well?
'The company now expects to make a quarterly loss of between €340m and €390m'
according to:
http://www.guardian.co.uk/technology/2009/mar/20/sony-mobilephones
Tricky to transition from corporate success in Sweden (with a very small group of 'movers and shakers') to the UK however
Whenever Swedish execs have secured high profile roles in corporate UK before, it has usually been because the UK corporate has a Swedish acquisition target in mind
eg Rolf Börjesson to Rexam Plc then took over his former company PLN packaging in Sweden etc
No idea what BP could be interested in within corporate Sweden?!