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BP picks Ericsson CEO as chairman

25 June 2009 12:40 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. BP Plc named Ericsson AB Chief Executive Officer Carl-Henric Svanberg to replace its chairman Peter Sutherland, as Europeâ€™s second-biggest oil company seeks to hold down spending amid lower crude prices.

Ericsson said it had appointed its current Chief Financial Officer, Hans Vestberg, to replace Svanberg as President and CEO.
Svanberg will step down at Ericsson at the end of the year and take over from Peter Sutherland at BP in January 2010.
Svanberg will join the BP board in September and, once he becomes Chairman, will be based in London and devote the majority of his time to BP business, BP said.
Svanberg will remain a member of the Ericsson Board of Directors, Ericsson said.