Ericsson chief wins over investors with cost-cutting programme

ERICSSON chief executive Carl-Henric Svanberg is winning over investors and analysts after accelerating cost cuts at the world’s biggest maker of wireless-network equipment during his first four months on the job.

At least nine analysts have upgraded Ericsson's stock since April 29, when Mr Svanberg announced plans to cut 13,000 jobs on top of 46,000 already achieved, trimming the Stockholm-based company's workforce to 1968 levels.

Two have downgraded it, Bloomberg data shows. Ericsson shares have gained 46% since Mr Svanberg joined, more than rivals Nokia, Alcatel and Motorola Inc.