Volvo Names Hakan Samuelsson New CEO image

Volvo has chosen former MAN SE head Hakan Samuelsson to replace Stefan Jacoby as the company’s CEO.

“My time on the Board has provided me with insight in the Volvo brand and the company. My focus will be on execution and performance, to secure profitability and meet our sales objectives. I look forward to leading Volvo Car Group in the most exciting period of its history,” says Håkan Samuelsson.

Volvo officials said that the automaker has prepared several plans to increase profitability and boost growth in China specifically and they are convinced that Håkan Samuelsson’s experience will help the company reach its goal. The board thanked former CEO Stefan Jacoby for developing these plans and for his valuable contribution to the automaker’s development.

Stefan Jacoby has been Volvo’s CEO from August 2010 until last month, when he was temporarily retired for health issues. In mid-September, Stefan Jacoby suffered a mild stroke which limited the mobility in his right leg and arm. Although he has been on medical leave since then, the automaker said he was making progress and that he was expected to return to work soon. Jan Gurander, Chief Financial Officer, has been serving as acting top executive in the interim.