Austrian Firm Fires CEO After $56-million Business Email Compromise Scam

AFP reports:

Austrian aircraft parts maker FACC said Wednesday that it has fired its chief executive of 17 years after cyber criminals stole some 50 million euros ($55.7 million) in a so-called “fake president” scam.

FACC, whose customers include Airbus, Boeing and Rolls-Royce, said that the its supervisory board sacked Walter Stephan with immediate effect after he “severely violated his duties”.

Press reports said that in January a FACC employee wired around 50 million euros, equivalent to almost 10 percent of annual revenues, after receiving emailed instructions from someone posing as Stephan.

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So they fired the CEO…. why, exactly? They don’t seem to say. Reuters reports:

“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’,” FACC said.

A company spokesman declined to give details of how Stephan had violated his duties. The firm said no comment was available from Stephan.

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