2/26/2018, 1:42 PM (Source: TeleTrader)
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AB Volvo kicks Volvo Cars CEO over Geely

AB Volvo said on Monday that it revised its proposal from February 23 and excluded Hakan Samuelsson (pictured) from reelection to the board. It explained he is the chief executive of Volvo Car Group, a subsidiary of Zhejiang Geely Holding Group Co. Ltd. The move comes after Li Shufu, the head of the Chinese company, became the biggest shareholder in Daimler AG, one of the Swedish truckmaker's "major competitors," the statement adds.

The car manufacturer branded as Volvo Cars was purchased by Geely in 2010, but retained the name. The investment in Daimler points to a strong affiliation of the German company with Geely. However, the latter also recently became the largest stockholder in AB Volvo, though it is second-ranked in voting rights. AB Volvo's update shows the Chinese company isn't represented on the election committee. The group comprises Volvo Car Corp. and Volvo Car AB.

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