Bengt Braun, who took over as the Chairman of Sweden’s Skandia earlier this year, has informed the board that he will resign effective immediately in the wake of a report that severely criticized several senior managers for improper dealings.
Although the investigation made no charges against Braun, he felt it necessary to step down in view of the seriousness of the situation. The company said it plans to pursue its former chief executive, Lars-Eric Petersson, who was removed last April, former CFO Ulf Spang as well as Ola Ramstedt, the former head of Skandia Liv and Jan Carendi its former Chairman.
The investigation revealed conduct that the company has characterized as “unsuitable and unethical,” involving several property transactions, suspect bonus payments and accounting irregularities. Company officials also indicated that they could involve legal violations as well.
The board has called a special meeting of shareholders for January 28 to discuss the problem. It appointed Bjorn Bjornsson, the chairman of its life operations, to temporarily replace Braun.
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