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Ericsson boss to retire

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Kurt Hellström, 60, is retire in April and make way for a boss at mobile phone giant, Ericsson.

He will be replaced by Carl-Henric Svanberg, currently the CEO for the international lock group Assa Abloy.

Mr Svanberg will continue to control costs at Ericsson and try and steer the company into profit, the phone maker said in a statement. Earlier this week Ericsson announced it had made a pre-tax loss in Q4 2002 of SEK2.2bn ($250m).

Mr Hellström said he remained optimistic asserting that the business was beginning to "stabilise". And he repeated his claim that the company's overriding objective was to return to profit at some point in 2003 and improve cash flow. ®

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