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February 9, 2012
MAN chief executive resigns amid woes
Published: 23 Nov 09 17:36 CET
Online: http://www.thelocal.de/money/20091123-23469.html
German engineering group MAN, struggling from the downturn and reeling from a bribery scandal, announced the resignation on Monday of its chief executive with immediate effect.
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MAN said it had appointed Georg Pachta-Reyhofen as interim replacement.
One of Europe's leading manufacturers of commercial vehicles, engines and mechanical engineering equipment, MAN employs around 49,500 people worldwide, last year posting sales of €15 billion ($22 billion).
The firm has been battered by the global economic crisis, recently announcing that its net profit had collapsed in the third quarter to just €6 million from €302 million a year earlier.
It has also been embroiled in a scandal that has seen the firm suspend two senior managers because of suspicions that it made bribes in order to win contracts.
AFP (news@thelocal.de)
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