Tele2 has revealed that its CEO Kjell Johnsen will leave the company.

In a statement yesterday, the Swedish telco confirmed that Johnsen will stay on until a successor is found, although no timeframe was given.

Johnsen has been CEO of the company for the past four years.

"It has been a pleasure and a privilege to run Tele2 over the past four years. We have accomplished a lot together, returning to growth in all major areas with a strong balance sheet and cash flow," he said.

"Building on our challenger culture and our sharp focus on sustainability, I am pleased to hand over Tele2 to a new CEO who can write the next chapter. I now feel that it is the right time for me to pass the baton."

Earlier this year, Iliad Group agreed to pay $1.26 billion for a 19.8 percent stake in Tele2.

Iliad, which is owned by investor Xavier Niel, will purchase the shares from investment company Kinnevik, which is currently Tele2’s major shareholder.

Beyond Sweden, Tele2 also operates in Estonia, Latvia, and Lithuania. The company serves more than 20 million customers across these markets, according to figures from last year.