Volvo to Announce New CEO image

Volvo announced it will replace CEO Stefan Jacoby, who suffered a stroke in September.

Chinese-owned automaker didn’t reveal who the new top executive will be, but said that details will be offered in a press conference today, October 19th, in Stockholm, at 0730 GMT. In 2010 Volvo was sold by Ford to Chinese group Zhejiang Geely Holding, presenting new ambitious sales targets.

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.

“I have started to recuperate and already notice certain improvements,” Jacoby said in the statement. “Now I will focus on resting and exercising, in order to get back to work as soon as possible. I am, however, in ongoing contact with Volvo’s executive management team and board of directors.”

Jacoby’s development plans until now included making the company more focused on the Chinese market, the world’s biggest auto market, where he initiated the construction of two car plants and an engine facility. Jacoby plans to almost double the automaker’s sales in the country to 800,000 units by 2020 from 449,255 in 2011.