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Svanberg to ditch Ericsson for BP

AFP/The Local · 25 Jun 2009, 09:34

Published: 25 Jun 2009 09:34 GMT+02:00

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"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.

Story continues below…

"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.

AFP/The Local (news@thelocal.se)

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Your comments about this article

10:53 June 26, 2009 by tommy the cat
Not sure where the BP chairman is getting his info from "and good track record."

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:

12:22 June 26, 2009 by karex
I think the remark is based on the successful merger with Sony than on the current economic crisis, which I'm sure BP must be feeling as well, one way or the other.
10:52 June 27, 2009 by skane refugee
Svanberg is known for negotiating the Sony-Ericsson Joint Venture ... could be that BP is positioning for a major international merger or JV itself

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?!
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