Word: skandia
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...officials. Since early last year, Sweden's economic police have been investigating reports that some of the 421 store managers at Systembolaget, the country's state-owned liquor store monopoly, received bribes from liquor wholesalers to promote certain products. Now the threat of disgrace has descended upon insurance-giant Skandia. Three of the firm's departed executives - former CEO Lars-Eric Petersson, former chief financial officer Ulf Sp?ng and the former chief of life insurer Skandia Liv, Ola Ramstedt - are under investigation for misusing corporate assets, says Stockholm police spokesman Ulf Göranzon. None of the three former executives...
...INDICATORS Taking The Rap Bengt Braun, chairman of Swedish insurer Skandia, resigned after a report alleged former executives misled the board and received excessive bonuses in the late '90s. Braun was not accused in the probe, but he sat on the board during that period...
...retailing institution, used the economic downturn to go bargain shopping, buying defunct English Teddy Bear Co. for $1.1 million. Disastrous Insurance Europe's ailing insurance industry claimed a few more casualties. Top executives at Italy's Assicurazioni Generali and Britain's Royal & Sun Alliance stepped down, and Sweden's Skandia put its once-lucrative U.S. arm up for sale. The Engine That Could China restored its 30 million Internet users' access to the Google search engine. Alta Vista remained blocked. British Energy's meltdown Britain's government threw British Energy a $640 million lifeline but did not rule out bankruptcy...
...first glance, a review of Pehr Gyllenhammar's meteoric career suggests that he rose to the top because he has the right relatives. In 1969, at the age of 34, the trim, handsome lawyer replaced his father as head of Skandia, Sweden's largest insurance company. Two years later he succeeded his father-in-law as managing director of Volvo, the country's biggest industrial concern. Nepotism or not, the selection has certainly paid off. Under Gyllenhammar's leadership, Volvo has not only increased its sales by 70% (to more than $2 billion...
...came to Volvo without any experience in manufacturing of any kind. He studied at both the University of Lund and London University, spent five months in 1960 with a law firm in Manhattan, then joined a small Swedish insurance company. He later followed his father as managing director of Skandia, Sweden's largest insurer. He is married to the daughter of the former Volvo chief executive, but no one in the company doubts that Gyllenhammar would have made it to the top without his family ties. Generally acknowledged as the country's brightest young business leader, he works...