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Ericsson Shares Jump as Board Ousts CEO Vestberg

Swedish telecom equipment maker Ericsson (ERIC) on Monday abruptly ousted CEO Hans Vestberg just days after announcing disappointing second-quarter earnings and amid dissatisfaction with the executive's turnaround plan.

After seven years at the helm Vestberg stands down immediately, but "remains at the company's disposal," Ericsson said. He will be replaced for the moment by CFO Jan Frykhammar until a permanent CEO is found, while group treasurer Carl Mellander will take the CFO role for the time being.

The move...