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Svanberg to ditch Ericsson for BP

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Svanberg to ditch Ericsson for BP
09:34 CEST+02:00
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.

"BP today announced that it has appointed Carl-Henric Svanberg, currently chief executive officer of the Swedish telecommunications company, Ericsson, to replace Peter Sutherland as chairman of BP," the group said in a statement.

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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