STOCKHOLM - SWEDISH wireless equipment company L.M. Ericsson on Thursday said its financial chief Hans Vestberg will take over as chief executive as Carl-Henric Svanberg moves to become chairman of the board of BP Group PLC.

Ericsson said Mr Vestberg, 44 will take over the position Jan. 1.

Mr Vestberg has worked with Ericsson since 1991 and has held different management positions in China, Sweden, Chile, Brazil and the U.S. He has worked as chief financial officer of the company since 2007.

'Hans Vestberg was early in his career at Ericsson identified as a person with outstanding leadership skills. He has a proven excellent understanding of Ericsson's business with experience from all different Ericsson business activities,' Ericsson board chairman Michael Treschow said in a statement.

'He has been instrumental in developing Ericsson's industry leading services operation which grew threefold with good profitability during his five years of management.'

Outgoing CEO Carl-Henric Svanberg will continue as a member of the Ericsson board of directors.

Ericsson said its main owners, Swedish investment companies Invstor AB and Industrivarden, have said they want to see Mr Svanberg as a long-term member of the board.

'With Carl-Henric Svanberg's leadership, Ericsson has become the industry's most profitable company and its market position has been tremendously strengthened,' Mr Treschow said. -- AP