Ericsson Board of Directors issues statement in advance of the Annual General Meeting
On March 21, 2022, Ericsson's Chairman Ronnie Leten reaffirmed the company's commitment to ethical practices amid ongoing engagement with the U.S. Department of Justice (DOJ). Since 2017, Ericsson has made significant strides in compliance and ethics, with CEO Börje Ekholm leading these efforts. The company has appointed Scott Dresser as Chief Legal Officer to oversee a comprehensive review of its past conduct related to Iraq, collaborating with external counsel. While the company continues to address these matters, further details remain undisclosed.
- Appointment of Scott Dresser as Chief Legal Officer expected to enhance governance and compliance.
- Ongoing commitment to improving ethical practices and company culture.
- Continued scrutiny from the DOJ could impact investor confidence.
- Uncertainties regarding the outcome of the ongoing review of past conduct.
STOCKHOLM, March 21, 2022 /PRNewswire/ -- Ericsson today issues a statement by its Chairman and Board of Directors regarding the company's resolution and ongoing engagement with the United States Department of Justice (DOJ). Ericsson reached a resolution with the DOJ in 2019 and is currently operating under a monitorship and deferred prosecution agreement.
Chairman of the Board, Mr. Ronnie Leten, states:
While Ericsson since 2017 has taken significant steps in improving the culture of ethics and compliance, further efforts are underway to help ensure that the company operates at all times ethically and with integrity including in relation to the current issues before the DOJ.
CEO Börje Ekholm has the full confidence of the board, not only in regard to driving the company's performance, but also in regard to the ethical and compliance transformation of the organization, which he continues to lead.
On Monday March 21, 2022 a new Chief Legal Officer, Scott Dresser, joins Ericsson. Scott brings solid experience in driving positive change, including enhanced governance, compliance, and controls. Scott is the right person to support the Company as it moves forward.
Scott, working with external counsel, will lead the comprehensive review of the conduct relating to Iraq and how it was addressed. This process is ongoing and we will act promptly to address shortcomings or misconduct identified. The Company continues to coordinate with the DOJ and other relevant authorities."
At this point in time, we cannot give any further information.
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About Ericsson
Ericsson enables communications service providers to capture the full value of connectivity. The company's portfolio spans Networks, Digital Services, Managed Services, and Emerging Business and is designed to help our customers go digital, increase efficiency and find new revenue streams. Ericsson's investments in innovation have delivered the benefits of telephony and mobile broadband to billions of people around the world. The Ericsson stock is listed on Nasdaq Stockholm and on Nasdaq New York. www.ericsson.com
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