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”.
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.