Ericsson is negotiating how much to pay for corruption while Vestberg was CFO (2007-2009) and CEO (2010-2016) of the Swedish company. The company said the fines were likely "material," which for a US$24 billion (sales) company sounds like billions. 50 people have been fired.
Vestberg so far is doing an excellent job at Verizon so the Board will probably not fire him. The payoffs while he was at Ericsson made international news in 2015, so the Verizon board knew this was coming when they hired him. The stock market also is ignoring the news of the likely fine; Ericsson is up 5% today.
It is highly unlikely that Vestberg, a highly involved manager, didn't know what was going on.Add a comment