STOCKHOLM, Feb 26 (Reuters) - Truckmaker AB Volvo has dropped plans to retain Volvo Cars CEO Hakan Samuelsson on its board after China’s Geely took an almost 10 percent stake in rival Daimler.
Volvo Cars is a subsidiary of Zheijang Geely Holding Group Co whose main owner is Li Shufu. It was announced on Friday that Li, Geely’s founder and main owner had built up an almost 10 percent stake in Daimler.
“The reason that Hakan Samuelsson is not proposed for re-election is the announcement that Geely Group has become the largest shareholder of the German vehicle manufacturer Daimler, one of the Volvo Group’s major competitors,” the committee said in a statement.
Reporting by Johannes Hellstrom; Editing by Keith Weir