Stefan Jacoby’s tenure as CEO of the Volvo Car Group has ended after only a little over two years with the Swedish carmaker announcing that he is being replaced by Håkan Samuelsson, currently Board member and former chief of MAN trucking, effective immediately.
Even though Jacoby did suffer a mild stroke last month, the vice chairman of Volvo Car Group, Hans-Olov Olsson told reporters that that his health was not the reason why Volvo’s board members decided to replace him.
“Stefan’s health situation has nothing to do with this,” Olsson said at a press conference, according to a report from Automotive News. “The board made the decision that it needs a new CEO to take the company into a new phase.”
Samuelsson, who was Chairman & CEO of truck manufacturer MAN SE between 2005 and 2009, before he became an independent member of the Board of Directors of Volvo Car Group in 2010, said that he will focus on securing profitability and meet the company’s sales objectives.
In an official statement, Li Shufu, chairman of Volvo Car Group, said that the move to change CEOs was made in part so the company can improve its business in China.
“I see major opportunities for Volvo Cars to improve profitability, and accelerate our growth plan in China specifically,” said Shufu.
“I am convinced that Håkan Samuelsson’s thorough experience and leadership will help us increase performance,” says Li Shufu, majority shareholder and Chairman of the Board. We have a strong strategy and transformation plan in place which we will now execute.”
He continued by thanking 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.”
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