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Austria's FACC, hit by cyber fraud, fires CEO

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Lamont Shaw

View photosMoreAn illustration picture shows a projection of binary code around the shadow of a man holding a laptop computer in an office in Warsaw June 24, 2013.

REUTERS/Kacper Pempel

VIENNA Reuters - The head of Austrian aerospace parts maker FACC has been fired after the company was hit by a cyber fraud that cost it 42 million euros $47 million .

The hoax email asked an employee to transfer money to an account for a fake acquisition project - a kind of scam known as a "fake president incident".

"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.

Robert Machtlinger was appointed interim chief executive.

FACC fired its chief financial officer in February soon after the cyber attack.

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Lamont Shaw
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