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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Axel is a journalist at Mundus News. He comes from an international background having lived from a very young age in Egypt, Turkey, Sweden and Greece but has in his adult life resided in Britain. Axel holds a Bachelor’s Degree in International Relations from the University of Leeds and is currently doing his Masters in Management at the Business School at Stockholm University. His academic language is English however Swedish is his mother tongue. Axel not only has a keen interest in international affairs, business, politics and sports but is also an avid reader and a seasoned traveller.