Samuelsson unexpectedly leaves MAN
German truck maker’s Swedish CEO leaves with immediate effect.
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The Swedish chief executive of German truck maker MAN, Håkan Samuelsson, is leaving the company at his own request with immediate effect, the company said Monday.
The announcement came as a total surprise and Håkan Samuelsson, 58, did not provide any reason for the decision.
"Samuelsson hopes that his decision will help the MAN Group to quickly devote all of its attention to its core business and its further development. He is convinced that there should be a fresh start at the highest level of the company," a statement said.
MAN, Europe’s third-largest truckmaker, rose 3.5 percent on the Frankfurt exchange on the news.
"It's possible that some big shareholders were unhappy with Samuelsson, as he may have been a stumbling block for the company's restructuring efforts. This would also explain the share price move," one Frankfurt-based trader told Reuters.
Håkan Samuelsson was promoted CEO in January 2005. Before that he worked for Swedish truck maker Scania AB from 1977 to 2000. MAN holds a 30 percent voting share in Volkswagen, which controls Scania.
The truck maker's head of its diesel engine business, Georg Pachta-Reyhofen, has been appointed interim CEO.
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Last Updated (Monday, 23 November 2009 17:32)
