Volvo Cars CEO dropped from board of truckmaker AB Volvo
Håkan Samuelsson has been pushed out from Swedish truckmaker AB Volvo's board due to a conflict of interest.
Samuelsson, who is also the CEO of Volvo Cars, will have to leave AB Volvo's board after China's Li Shufu – whose holding group Geely in turn owns Volvo Cars – last week bought a near 10 percent stake in German truckmaker Daimler, becoming its main owner.
In a statement released on Monday, AB Volvo said the reason Samuelsson won't stand for reelection to its board is because Daimler is "one of the Volvo Group's major competitors".
Read more: Volvo Group reports highest operating income ever
AB Volvo is due to hold its annual general meeting in April, during which the company's board members will be elected.
Gothenburg-based AB Volvo makes trucks, buses, and construction equipment. In 1999, it sold its iconic car-making arm, Volvo Cars, to Ford which in 2010 sold it off to Geely. Geely also holds a 8.2 percent share in AB Volvo.
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Samuelsson, who is also the CEO of Volvo Cars, will have to leave AB Volvo's board after China's Li Shufu – whose holding group Geely in turn owns Volvo Cars – last week bought a near 10 percent stake in German truckmaker Daimler, becoming its main owner.
In a statement released on Monday, AB Volvo said the reason Samuelsson won't stand for reelection to its board is because Daimler is "one of the Volvo Group's major competitors".
Read more: Volvo Group reports highest operating income ever
AB Volvo is due to hold its annual general meeting in April, during which the company's board members will be elected.
Gothenburg-based AB Volvo makes trucks, buses, and construction equipment. In 1999, it sold its iconic car-making arm, Volvo Cars, to Ford which in 2010 sold it off to Geely. Geely also holds a 8.2 percent share in AB Volvo.
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