Ericsson CEO Hans Vestberg Steps Down

Shares of the Swedish telecom device-maker Ericsson  (ERIC) - Get Report moved higher Monday after the company announced that CEO Hans Vestberg has stepped down. He was head of the company for six years. Ericsson CFO Jan Frykhammer will replace him as interim CEO. Vestberg's departure comes as Ericsson struggles to improve earnings amid tightening competition. Ericsson plans to aggressively cut costs to save about $6 billion in operating costs in 2017.