Advertisement

MAN chief executive resigns amid woes

AFP
AFP - [email protected]
MAN chief executive resigns amid woes
Photo: DPA

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.

Advertisement

In a statement, the company said Hakan Samuelsson, a 58-year-old Swede who had run the company since 2005, was "convinced that there should be a fresh start at the highest level of the company."

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.

More

Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.

Please log in to leave a comment.

See Also