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February 14, 2012
Svanberg claims millions in holiday pay out
Published: 8 Mar 10 10:41 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/25404/20100308/
Carl-Henric Svanberg, the former CEO of Swedish telecom firm Ericsson, has been paid 6.8 million kronor ($960,000) for accrued holiday that he was unable to take.
- Ericsson shares nosedive on weak report (25 Jan 12)
- Ericsson and ZTE settle patent dispute (21 Jan 12)
- Sony Ericsson ends 2011 with massive loss (19 Jan 12)
Svanberg was not alone in gaining an income boost in 2009, with chairperson Michael Treschow also upping his pay from 3.4 million in 2008 to 4.2 million in 2009.
Mike Volpi has been proposed to the board of the telecom giant. Volpi is currently a partner in Index Ventures - a venture capitalist firm, and has in recent years been CEO for internet video firm Joost, founded by Niklas Zennström.
Svanberg's successor as Ericsson CEO, Hans Vestberg, is also set to join the board, with Treschow and the other current members proposed for re-election, according to a company statement.
Carl-Henric Svanberg was CEO of Ericsson from 2003-2009 and is credited with turning the firm's financial fortunes around. He earned in excess of 300 million kronor from the firm during his tenure, including 120 million earned trading in the firm's stock.
Since January 1st 2010 Svanberg has been CEO of British Petroleum.
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Those that still continue day dreaming that Sweden is a socialist stse must wake up from thie dreams and realize that they are pre programmed slaves to the very few that make up the very top.
Wake up guys and fight for your rights...I am already getting mine
So, it would be nice to know if he's sponsored any good causes.