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

An 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

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 firm’s supervisory board decided at a 14-hour meeting on Tuesday to dismiss CEO Walter Stephan with “immediate effect”, the company said on Wednesday.

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