Swedish group Ericsson AB (www.ericsson.com) has let CEO Hans Vestberg go, after its revenues and profits fell and a number of investigations into corruption at the maker of wireless-networking equipment led to “growing shareholder unease”.

Mr Vestberg stepped down immediately, according to a company statement towards the end of last month, and CFO Jan Frykhammar will be in charge until a replacement is found. The board’s decision that the time was right for a new leader was unanimous, according to chairman Leif Johansson.

Mr Vestberg joined the company straight from business school in 1991 and headed its global service division from 2003 to 2007, holding various positions for the company in China, Sweden, Chile and Brazil. He was named CFO in October of 2007 and replaced Carl-Henric Svanberg as CEO in 2010.

Ericsson said in June that it has been co-operating with the US authorities since receiving a March 2013 request to provide information on its operations, and that it is working “diligently to answer any questions”.

The company also said in June that seven current and former employees had been summoned by a Greek prosecutor investigating allegations of possible corruption in the 1999 sale of an airborne radar system.

At that time, the Swedish newspaper Svenska Dagbladet reported that the Securities and Exchange Commission and the US Department of Justice were investigating Ericsson for suspected corruption, including at its operations in China.