Ericsson's Svanberg to take the helm at BP

LONDON/STOCKHOLM: Ericsson Chief Executive Carl-Henric Svanberg is stepping down to become chairman of BP Plc in a surprise appointment that ends the oil major's lengthy search for a new chairman.

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.