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The Top Turnaround CEOs
Carl Henric Svanberg
Under the leadership of its former CEO Kurth Hellstorm, after the stock market went kaboom in 2000, Ericssom also saw a corporate restructuring, and hit rock bottom. It lost $3.7 billion in the period March 2001-2002, cut thousands of jobs and came down from a bellowing 107,000 employees to barely 60,000 employees.
Carl Henric Svanberg took upon himself to make Ericsson to profitability by simplifying the management structure, developing clearer communication, and streamlining more of marketing and sales professionals into the company. He also invested in Ericsson’s operator services business. By the third quarter of 2003, Ericsson had started its journey back to the top and was incurring profits. But, in 2007 it went into crisis again, but Svanberg kept pushing the plans to deploy LTE networks. The company won its first commercial contract from TeliaSonera establishing it as a premier LTE vendor. After taming the wild bull, Svanberg decided to part ways with the company in December 2009, but he made sure that Ericsson had a smooth sail in the years to come. Before Svanberg stepped down as the CEO, the company grabbed a $5 billion network outsourcing deal with Sprint Nextal and won the CDMA and LTE assets of a bankrupt Nortel Networks.
