MoreA general view shows an office of Swedish telecom giant Ericsson in Lund, Sweden, September 18, 2014.
TT News Agency/Stig-Ake Jonsson/via REUTERS/File Photo
STOCKHOLM Reuters - Two of Swedish telecom group Ericsson's main owners have decided Chief Executive Hans Vestberg needs to step down as soon as a replacement can be found, the business newspaper Dagens Industri reported on Tuesday, citing unnamed sources.
Ericsson said earlier on Tuesday it would step up its cost-cutting program after its results fell short of market expectations.
The stock fell more than 5 percent on Tuesday, and has shed more than a quarter of its value so far this year.
Investor and Industrivarden, Ericsson's two biggest owners with a combined 37 percent of voting rights in 2015, has decided Vestberg will have to quit as soon as a suitable replacement is found, Dagens Industri said.