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Tuesday, November 24, 2009

Truck Maker Man's CEO, Samuelsson, Steps Down

By Robert Daniel

MarketWatch Pulse

TEL AVIV -- Hakan Samuelsson, chief executive of the Munich truck maker Man SE , resigned on Monday, the company said. Samuelsson asked to step down, the company said. "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 company statement said. The resignation comes amid an inquiry by German prosecutors into bribery allegations at Europe's No. 3 truck producer, The Wall Street Journal reported. A spokesman for the prosecutors told the Journal that Samuelsson isn't a suspect in the inquiry. The resignation of Samuelsson could enable Ferdinand Piech, who is chairman of Volkswagen, to merge Man and Scania AB of Sweden into Volkswagen, the Journal reported. Piech thwarted Samuelsson's effort to take over Scania in 2006, the Journal reported.

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