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Svanberg claims millions in holiday pay out

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Svanberg claims millions in holiday pay out
10:41 CET+01:00
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.

Svanberg has already received a bonus of 6.2 million kronor for 2009 from the Swedish firm, added to his fixed salary of 16 million kronor, and long-term flexible remuneration of 1.3 million kronor, bringing his total pay out for 2009 to 41.9 million kronor.

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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