Ericsson Announces Compliance Leadership Changes

Rhea-AI Summary

On February 28, 2023, Ericsson (NASDAQ: ERIC) announced the departure of Chief Compliance Officer Laurie Waddy after four years. Waddy, who joined the company in April 2019, was instrumental in developing Ericsson's ethics and compliance program. Jan Sprafke has been appointed as the interim CCO while a search for a permanent replacement is conducted. CEO Börje Ekholm expressed gratitude for Waddy's contributions, emphasizing the ongoing commitment to a culture of ethics and integrity. Waddy is assisting Sprafke to ensure a smooth transition.

Positive

• Laurie Waddy significantly enhanced Ericsson's compliance program during her tenure.
• The appointment of Jan Sprafke as interim CCO may provide continuity in compliance leadership.

Negative

• Concerns may arise regarding the transition period and the potential lack of experience in the interim role.

News Market Reaction

-0.72%

1 alert

-0.72% News Effect

On the day this news was published, ERIC declined 0.72%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

STOCKHOLM, Feb. 28, 2023 /PRNewswire/ -- Ericsson (NASDAQ: ERIC) today announces that after almost four years as Ericsson's Chief Compliance Officer (CCO), Laurie Waddy will be leaving the company. Ms. Waddy joined Ericsson in April 2019 and played an important role in strengthening the company's ethics and compliance function. She will be replaced on an interim basis by Jan Sprafke.

Börje Ekholm, President and CEO, commented: "We thank Laurie for her contributions to Ericsson over the past several years building the Compliance function and program and wish her the best as she starts her next chapter. The whole executive team remains focused on the key priority of embedding a culture of ethics and integrity into our business, which we believe is critical to our market leadership."

Ms. Waddy added: "Over the past four years Ericsson has made tremendous progress building toward a best-in-class compliance program. The Company is well positioned to continue this journey, and I am excited to explore new opportunities."

A search for a successor is underway. As interim CCO, Jan Sprafke will report to Scott Dresser, Group Chief Legal Officer and the Audit and Compliance Committee of the Board of Directors until a permanent replacement is identified. Ms. Waddy will be working with Jan Sprafke to ensure a smooth transition of the compliance functions and monitorship activities.

FOLLOW US:

Subscribe to Ericsson press releases here
Subscribe to Ericsson blog posts here
https://twitter.com/ericsson
https://www.facebook.com/ericsson
https://www.linkedin.com/company/ericsson

MORE INFORMATION AT:

Ericsson Newsroom
media.relations@ericsson.com  (+46 10 719 69 92)
investor.relations@ericsson.com  (+46 10 719 00 00)

ABOUT ERICSSON:

Ericsson enables communications service providers and enterprises to capture the full value of connectivity. The company's portfolio spans the following business areas: Networks, Cloud Software and Services, Enterprise Wireless Solutions, Global Communications Platform, and Technologies and New Businesses. It is designed to help our customers go digital, increase efficiency and find new revenue streams. Ericsson's innovation investments have delivered the benefits of mobility and mobile broadband to billions of people globally. Ericsson stock is listed on Nasdaq Stockholm and on Nasdaq New York. www.ericsson.com

The following files are available for download:

https://mb.cision.com/Main/15448/3724748/1880503.pdf

Ericsson Announces Compliance Leadership Changes

 

View original content:https://www.prnewswire.com/news-releases/ericsson-announces-compliance-leadership-changes-301757723.html

SOURCE Ericsson

FAQ

What leadership change occurred at Ericsson on February 28, 2023?

Ericsson announced that Chief Compliance Officer Laurie Waddy will be leaving the company and Jan Sprafke has been appointed as interim CCO.

Why is Laurie Waddy leaving Ericsson?

Laurie Waddy is leaving Ericsson after four years to explore new opportunities.

What implications does Laurie Waddy's departure have for Ericsson’s compliance program?

Waddy's departure raises concerns about the continuity and experience in compliance leadership during the transition to a new CCO.

Who is taking over the compliance function at Ericsson temporarily?

Jan Sprafke will serve as the interim Chief Compliance Officer until a permanent successor is appointed.

What are Ericsson's goals regarding compliance after Waddy's departure?

Ericsson aims to continue embedding a culture of ethics and integrity throughout the company, which is crucial for its market leadership.