CEO falls for email scam, loses $47 million

An airplane parts manufacturer has fired its CEO after the poor guy got scammed, costing the company €42 million ($47 million). "In the supervisory board meeting, held on May 24, 2016, Mr. Walter Stephan (CEO) was revoked by the supervisory board as chairman of the management board of FACC AG with immediate effect for important reason. The supervisory board came to the conclusion, that Mr. Walter Stephan has severely violated his duties, in particular in relation to the 'Fake President Incident'. Mr. Robert Machtlinger was appointed as interim CEO of FACC AG". The 'Fake President Incident' the announcement is referring… [Continue Reading]