MAN chief executive resigns amid woes

MAN chief executive resigns amid woes
Photo: DPA
German engineering group MAN, struggling from the downturn and reeling from a bribery scandal, announced the resignation on Monday of its chief executive with immediate effect.

In a statement, the company said Hakan Samuelsson, a 58-year-old Swede who had run the company since 2005, was “convinced that there should be a fresh start at the highest level of the company.”

MAN said it had appointed Georg Pachta-Reyhofen as interim replacement.

One of Europe’s leading manufacturers of commercial vehicles, engines and mechanical engineering equipment, MAN employs around 49,500 people worldwide, last year posting sales of €15 billion ($22 billion).

The firm has been battered by the global economic crisis, recently announcing that its net profit had collapsed in the third quarter to just €6 million from €302 million a year earlier.

It has also been embroiled in a scandal that has seen the firm suspend two senior managers because of suspicions that it made bribes in order to win contracts.

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