Ericsson announced a series of organizational and structural changes to strengthen strategy execution to drive growth and profitability after the Swedish telecoms giant missed its earnings in the Q1 results.
The company re-organizes into a new structure that will have five business units with a dedicated customer group for Industry & Society and another business unit targeting media and enterprise customers to expand beyond the shrinking wireless-network market.
The new structure will also see eight new faces joining the company’s executive leadership team. These include Arun Bansal, who is currently head of the radio business unit, who is taking on Network Products under the new structure, as well as Niklas Heuveldop who was the head of the customer unit serving AT&T, who will become the chief customer officer and head of sales.
Ericsson shares fall 11% - most in a year - after sales drop and miss estimates https://t.co/77o3vBXbis https://t.co/bzmAPWqN10
— Bloomberg TV (@BloombergTV) April 21, 2016
