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Ericsson chairman Michael Treschow to resign
AP - 1 hr 44 mins ago
STOCKHOLM (AP) — Swedish wireless equipment company L.M. Ericsson AB says its chairman Michael Treschow will leave his position within the next two years.

The company says a nomination committee appointed by its largest owners will propose a new chairman to the annual general meeting in 2011 or 2012.

Treschow, 67, has been the chairman of Ericsson since 2002 and helped appoint chief executives Carl-Henric Svanberg in 2003 and Hans Vestberg in 2009.

In a statement Monday, he said Ericsson's strong market and financial position means "it is now the right time to hand over to a successor."

Shares in Ericsson fell by 0.8 percent to 74.05 kronor ($10.9) in early Stockholm trading.

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