Börje Ekholm

Börje Ekholm became President and CEO of Ericsson in January 2017, appointed by the company's largest shareholder, Investor AB (the Wallenberg family's investment vehicle). He inherited a company in severe distress: Ericsson was losing money, hemorrhaging market share to Huawei and Nokia, facing a major U.S. Department of Justice corruption investigation (which would result in a $1 billion+ settlement), and attempting failed diversification into media and IT services. Ekholm's turnaround strategy was brutal in its simplicity: refocus Ericsson exclusively on mobile network infrastructure (radio access networks, core networks, and managed services), exit non-core businesses, invest heavily in 5G R&D, and restore operational efficiency. The strategy worked — as the global 5G rollout accelerated, Ericsson captured a leading market share, particularly benefiting from the exclusion of Huawei from U.S. and many European markets on national security grounds. His most significant acquisition was the $6.2 billion purchase of Vonage in 2022, aimed at building an enterprise communications platform. However, this deal has faced integration challenges and investor skepticism. Ekholm's key challenges include navigating the cyclical trough in telecom equipment spending (carriers go through investment cycles), demonstrating the Vonage acquisition value, competing with Nokia and Samsung for 5G contracts, and positioning Ericsson for the eventual 6G opportunity. Mobile networks contract wins, margin trends, and enterprise revenue growth are the primary stock drivers.