Ericsson, BP Find New leaders

Swedish wireless equipment company L.M. Ericsson (ERIC - Analyst Report) on June 25th said its financial chief Hans Vestberg will become the new CEO when Carl-Henric Svanberg moves to head the board of BP Group PLC (BP - Snapshot Report).

Vestberg, 44, will take over the position on Jan. 1. He has worked with Ericsson since 1991 and has been the company's CFO since 2007.

Soon after joining Ericsson, Hans Vestberg was identified as a person with outstanding leadership skills. He has a proven excellent understanding of the company's business and has been instrumental in developing industry leading services operation which grew threefold during his five years of management.

Separately, London-based BP -- Europe's second largest oil company -- said Svanberg will replace Peter Sutherland as its chairman.

Svanberg, who joined Ericsson in 2003, will remain on the Ericsson board even after his tenure as CEO ends at the end of this year. Ericsson’s parent companies Investor AB and Industrivarden have indicated that they want to see Svanberg as a long-term member of the board.

Although the timing for the CEO shift came as a surprise, Vestberg's appointment had been expected after long-drawn speculation.