Ericsson announced the departure of Chief Compliance Officer Laurie Waddy as the Swedish telecommunications company braces for another year under an independent compliance monitorship.
Waddy joined Ericsson in April 2019. She will be replaced on an interim basis by Jan Sprafke while the company searches for a full-time successor.
“We thank Laurie for her contributions to Ericsson over the past several years building the compliance function and program and wish her the best as she starts her next chapter,” said Ericsson President and Chief Executive Börje Ekholm in a press release Tuesday. “The whole executive team remains focused on the key priority of embedding a culture of ethics and integrity into our business, which we believe is critical to our market leadership.”
Sprafke will report to Group Chief Legal Officer Scott Dresser and the audit and compliance committee of the company’s board of directors. Previously, he served as Ericsson’s head of compliance for Latin America and Europe and brings more than a decade of compliance experience to the interim role, according to his LinkedIn profile.
Waddy’s departure comes less than three months after Ericsson announced the extension of its independent compliance monitorship imposed by the Department of Justice and Securities and Exchange Commission by an additional year following a second breach of its deferred prosecution agreement reached in December 2019 for violations of the Foreign Corrupt Practices Act.
The term of the monitor will now run through June 2024. The monitorship was originally slated to last three years.
Waddy will work with Sprafke to ensure a smooth transition of the compliance functions and monitorship activities, according to Ericsson.
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