Ericsson chairman Leif Johansson is set to stand down
The chairman of struggling telecoms giant Ericsson has announced he will stand down after six years in the role.
In a statement Leif Johansson said he would not put himself forward for re-election at next year's annual shareholders meeting. The Swedish firm has performed poorly, with shares losing almost half their value in the last two years as it battled to retain its relevance amid a fiercely competitive telecom market.
New chief executive Borje Ekholm launched a turnaround plan when he joined the group earlier this year, and Mr Johansson said with this strategy now under way, it was time for him to step down.