New Ericsson CLO Makes Public Debut in Tense Investor Call
"I can assure you this company and I are fully committed to earn full trust and credibility," Chief Legal Officer Scott Dresser told shareholders.
March 23, 2022 at 10:00 AM
3 minute read
Technology Media and TelecomOne day after taking the reins of Ericsson's embattled legal team, Chief Legal Officer Scott Dresser made his public debut Tuesday morning in an update call with shareholders ahead of the company's annual meeting next week.
Executives of the Stockholm-based telecom giant faced sharp questions from investors on the call, which came just weeks after the U.S. Department of Justice told the company that it had failed to fully disclose its misconduct in Iraq before signing a 2019 agreement settling a sweeping corruption case and that it later breached that agreement through additional disclosure failures.
Under the 2019 agreement, Ericsson paid more than $1.2 billion and admitted to paying bribes and cooking its books in countries such as China, Indonesia, Vietnam, Kuwait and Djibouti. The Justice Department's allegation that Ericsson had broken that agreement came after the International Consortium of Investigative Journalists in February reported undisclosed misconduct in Iraq, including possible payoffs to the Islamic State terrorist organization.
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