Ericsson says Cevian’s Gardell to join nomination committee

Sweden’s Ericsson (ERICb.ST) said on Friday that activist investor Cevian would be represented by Christer Gardell in the telecom equipment maker’s nomination committee.


Cevian has increased its stake in recent months to become the largest owner by capital in Ericsson, though long-time shareholders Investor AB (INVEb.ST) and Industrivarden (INDUa.ST) still control far more votes.

Ericsson said Johan Forssell of Investor would be the new chairman of the committee, which nominates candidates for board positions at the group.

Chairman Leif Johansson plans to quit before the company’s annual meeting in 2018 as the struggling mobile equipment firm tries to restore profitability.