Swedish mobile telecoms gear maker Ericsson ousted Hans Vestberg as chief executive on Monday, a move led by major shareholders after months of criticism of Vestberg's leadership and pay.
Chief Financial Officer Jan Frykhammar was named acting chief executive while the company searches for a successor to Vestberg, CEO since 2010, who leaves immediately.
Vestberg, who had served longer than any of his three predecessors, had come under fire in recent months, with Swedish media questioning his leadership and pay, particularly after weak quarterly results in April sent its share price down 15 percent in a single day.
Spokespeople for investment companies Investor AB and Industrivarden, Ericsson's largest shareholders, said they were behind the board's move to let Vestberg go but declined to comment further.
Ericsson shares rose as much as 5.9 percent on the news and were up by 4.8 percent by 0757 GMT, Reuters report.