Samuelsson to leave Volvo Board of Directors position after Geely buys Daimler

Håkan Samuelsson will leave Volvo Group’s Board of Directors after Geely’s purchase of stocks in Daimler, one of the Volvo Group’s biggest competitors in the truck industry, writes Svenska Dagbladet. Volvo Car Group, where Håkan Samuelsson is the CEO, is a subsidiary of Zheijang Geely Holding Group, whose main owner is Li Shufu. Geely owns 100% of Volvo Cars, and will shortly own 15% of AB Volvo, the branch of the company that makes trucks. Li Shufu, Chairman of Geely, has also acquired 10% of the shares in Daimler, the company that makes Mercedes thus making Geely the largest shareholder in the German company. “Håkan Samuelsson is the head of a subsidiary to an owner who is the main owner in two competing companies, so it is not advisable to sit on the AB Volvo Board,” said Bengt Kjell, Chairman of the board election committee at Volvo.

 

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