Swedish wireless telecommunications equipment maker Ericsson AB last week named Carl-Henric Svanberg its new CEO and president.
Svanberg, 50, will take the helm on April 8, said officials at the Stockholm company. Svanberg will replace Kurt Hellstrom, who announced that he will retire as he approaches age 60.
"[Svanberg] will continue Kurt Hellströms successful work in controlling Ericssons costs, while keeping up our leading market position," said Michael Treschow, Ericssons chairman of the board, who the company put in place last year to work on cutting costs.
The company has not seen a profit since the first quarter of 2001, although Hellstrom said in an earnings announcement earlier this week that the company plans to return to profit "at some point" in 2003.
Svanberg is currently CEO of Assa Abloy AB, a large lock manufacturer in Stockholm.