Official: Jacoby out, Samuelsson in as Volvo CEO

[Haltech]

Filed under: Europe, Hirings/Firings/Layoffs, Volvo

Stefan Jacoby is stepping down as Volvo CEO in an "amicable agreement" with the automaker's board of directors.

Recent reports suggested Jacoby and the board had clashed over regaining European market share and the brand's position as an international luxury manufacturer. Much of that friction came from the arrival of Vice Chairman Hans-Olov Olsson, a former Volvo CEO himself. The company's new owners, Chinese automaker Geely, brought Olsson back to the board room to balance Jacoby's decisions.

Now Hakan Samuelsson (pictured right) is set to take over as CEO. Samuelsson currently serves as a Volvo board member and most recently served as the Chairman and CEO of MAN SE for four years between 2005 and 2009. The new executive says his goal is to focus on the brand's profitability and meeting sales goals.

Samuelsson faces and uphill battle, to be sure, in a continually weakening European market that has seen Volvo slide from relevance in recent years. The company has high hopes that its new CEO will help them continue to gain a foothold in the Chinese market, as well.

You can take a look at the full press release below for more information.Continue reading Jacoby out, Samuelsson in as Volvo CEO

Jacoby out, Samuelsson in as Volvo CEO originally appeared on Autoblog on Fri, 19 Oct 2012 09:15:00 EST. Please see our terms for use of feeds.



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