Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland
Advertisement

Volvo Cars CEO dropped from board of truckmaker AB Volvo

Share this article

Volvo Cars CEO dropped from board of truckmaker AB Volvo
Samuelsson is also the CEO of Geely-owned car maker Volvo Cars. Photo: Fredrik Sandberg/TT
09:56 CET+01:00
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.

Get notified about breaking news on The Local

Share this article

Advertisement

From our sponsors

Game-changing flight tips for smart business travellers

Whether you're flying for business or pleasure, you don't need to break the bank when booking your next transatlantic flight. As one travel blogger explains, there are ways to fly in style without forking out for a first-class ticket.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement