High-flying Ericsson boss Hans Vestberg shown the door

Ericsson chief executive Hans Vestberg was shown the door at the Swedish telecoms technology giant on Monday, after major shareholders finally got their wish to oust the boss.

Chief financial officer Jan Frykhammar was given the post of acting chief executive, with the company confirming it was beginning the search for a successor to Vestberg immediately.

Vestberg has come under harsh criticism in recent months, with his leadership and pay packet being questioned in domestic media in Sweden, especially after the company’s stock lost 15% in one day after posting weak quarterly numbers in April.

Investor companies Investor AB and Industrivarden both claimed to be behind the board’s decision to push Vestberg out in a unanimous decision on Sunday night.

Ericsson shares shot up almost 6% as the news emerged on Sunday morning.

“In the current environment and as the company accelerates its strategy execution, the board of directors has decided that the time is right for a new leader to drive the next phase in Ericsson’s development,” said Ericsson chairman Leif Johansson.