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MAN Group Chairman Resigns Unexpectedly

Posted on November 24, 2009

MAN SE announced that Hakan Samuelsson has resigned his position as chairman of the executive board of the MAN Group, one of Europe's largest manufacturers of commercial vehicles, engines and turbomachinery. His resignation is effective immediately and he has been succeeded by Georg Pachta-Reyhofen, who will serve as interim chairman, while continuing his duties as CEO.

In the company’s statement, Samuelsson said he hopes that his decision will help the MAN Group to quickly devote all of its attention to its core business and its further development.

There has been speculation that Samuelsson’s action is related to an investigation surrounding corruption allegations concerning truck dealers that took place during the time he was head of MAN’s truck division. The ongoing inquiry is looking into reports that bribes were paid to employees of MAN customers.

However there have been no indications of any involvement by Samuelsson, who became head of the entire company in 2005. And it was Samuelsson himself who opened the doors to the authorities by beginning an extensive internal investigation which included amnesty for employees who would cooperate with the investigation. The MAN Group is one of Europe's largest manufacturers of commercial vehicles, engines and mechanical engineering equipment.

For more information: www.mandiesel.com

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