New board members for Ericsson

Börje Ekholm, chief executive of the Wallenberg family's holding company Investor, has been nominated to the board of Swedish telecoms giant Ericsson. He is joined by Katherine Hudson, chairwoman of tractor maker CNH global, a subsidiary of Fiat, and Industrivärden's chief executive Anders Nyrén.

The three have been appointed after Arne Mårtensson, former chairman of Handelsbanken, and Eckhard Pfeiffer decided not to stand for for re-election to the board, a press release from the company said.

Sverker Martin-Löf and Marcus Wallenberg have been nominated as vice chairmen.

The appointment of Wallenberg and Ekholm has been interpreted as strengthening the Wallenberg family’s control of Ericsson at the expense of other major shareholder Handelsbanken, according to Svenska Dagbladet’s financial journalist Klas Granström.

He points out that chairman Michael Treschow’s background in Wallenberg-owned Electrolux marks him out as another representative of the family on the board. By this measure, the Wallenberg sphere controls 3 votes against 2 for Handelsbanken, represented by Löf and Nyrén.

Other board members who have been re-nominated are Peter Bonfield, Ulf Johansson, Nancy McKinstry and the company’s CEO Carl-Henric Svanberg.