The board of directors of Volvo Car Group has appointed Håkan Samuelsson, currently board member, as new president and CEO effective immediately.
Outgoing president and CEO Stefan Jacoby will leave Volvo Car Group, and consequently the board of after an amicable agreement with the board of directors.
"I see major opportunities for Volvo Cars to improve profitability, and accelerate our growth plan in China specifically," said Li Shufu, majority shareholder and chairman of the board.
"I am convinced that Håkan Samuelsson's thorough experience and leadership will help us increase performance."
"We have a strong strategy and transformation plan in place which we will now execute. I would like to thank Stefan Jacoby for his valuable and strong contribution developing the strategy and taking the company through the first two years following the acquisition of the Volvo Car Group by Zhejiang Geely Holding."
Samuelsson has 35 years' experience from leading positions in the automotive industry, most recently as chairman and CEO of MAN SE between 2005 and 2009. Since 2010 he is an independent member of the board of directors of Volvo Car Group.
"My time on the Board has provided me with insight in the Volvo brand and the company," said Samuelsson.
"My focus will be on execution and performance, to secure profitability and meet our sales objectives. No other business is as demanding, complex and full of challenges as the automotive industry. I look forward to leading Volvo Car Group in the most exciting period of its history."