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Ericsson names new management team

The mobile phone giant hires a new chief executive, deputy CEO and chief financial officer. The company also settles a long-standing patent suit.

Mobile phone giant Ericsson announced a new management team Monday, and touted the settlement of a long-standing patent litigation lawsuit with InterDigital Communications.

Carl-Henric Svanberg will become Ericsson's new chief executive. Per-Arne Sandstrom, former chief operating officer, has been promoted to deputy CEO and first executive vice president. And Karl-Henrik Sundstrom, former general manager of Ericsson's global services business unit, will be the company's new chief financial officer.

The executives, who will also serve on the new executive management team, will begin their new roles April 8.

"The new Ericsson executive management team gives us continued strong focus on our restructuring work, as well as high customer focus," Svanberg said in a statement.

Sundstrom will be replacing Sten Fornell, who will be advising the new executive management team until he departs at the end of the year.

Meanwhile, the company also announced it has settled a long-standing patent infringement lawsuit with InterDigital and its subsidiary, InterDigital Technology.

Under the agreement, the companies will enter into a nonexclusive, global-royalty licensing arrangement that will cover InterDigital's patents for GSM, TDMA, GPRS, EDGE and PDC. Ericsson, meanwhile, will make fixed annual payments to InterDigital through 2006 for sales involving the related equipment.