Swedish telecom giant Telefon AB L.M. Ericsson ERIC on Monday said that Chief Financial Officer Carl Mellander will step down at the end of the first quarter of 2024 and that a recruitment process will begin to name a successor. The departure of Mellander, who has been part of the company’s executive team since 2016, comes as the company tries to cut costs — including via thousands of layoffs announced in February, according to Reuters — following the pandemic’s tech boom that lifted digital demand. “We have come to a mutual agreement that this is a good time for a change, as the turnaround phase is completed and the foundation for the next chapter of Ericsson’s strategy has been laid,” Chief Executive Börje Ekholm said in a statement. Shares fell 0.8% on Monday.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.