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Svanberg to ditch Ericsson for BP

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.

Svanberg to ditch Ericsson for BP

“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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SWEDEN AND UKRAINE

Ericsson suspends all Russia operations indefinitely

Swedish network equipment maker Ericsson said Monday that it was suspending all of its Russian operations over the war in Ukraine for the foreseeable future.

Ericsson suspends all Russia operations indefinitely

The telecom giant already announced in late February that it would stop all deliveries to Russia following Moscow’s February 24 invasion of Ukraine.

“In the light of recent events and of European Union sanctions, the company will now suspend its affected business with customers in Russia indefinitely,” Ericsson said in a statement.

The company added that it was “engaging with customers and partners regarding the indefinite suspension of the affected business.”

“The priority is to focus on the safety and well-being of Ericsson employees in Russia and they will be placed on paid leave,” it said.

READ ALSO: How has Sweden responded to Putin’s war in Ukraine so far?

Hundreds of Western firms ranging from Ikea to Coca-Cola, Goldman Sachs and McDonald’s have stopped operations in the country since the invasion, with French banking group Societe Generale announcing Monday it was selling its stake in Russia’s Rosbank.

Ericsson has around 600 employees in Russia, and is a “major supplier to the largest operator MTS and the fourth largest operator Tele2,” a company spokeswoman told AFP, adding that together with Ukraine, Russia accounts for less than two percent of revenue.

As a result, the equipment maker said it would record a provision for 900 million Swedish kronor ($95 million, 87 million euros) for the first quarter of 2022 for “impairment of assets and other exceptional costs,” though no staff redundancy costs were included.
Ericsson is due to publish its first quarter earnings on April 14.

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