Volvo’s CEO Suffered Mild Stroke, On Seak Leave for a Month image

Volvo CEO Stefan Jacoby will be out on sick leave for a month after he had suffered a stroke.

Stefan Jacoby, 54, suffered a stroke last week and he is currently under medical supervision, starting the recovery process. Volvo’s chief financial officer Jan Gurander will take Jacoby’s place as acting CEO, together with sales chief Doug Speck. They will be the ones who will meet the media at the Paris auto show this week. Jacoby became Volvo’s CEO in 2010 when Zhejiang Geely Holding Group bought the automaker from Ford for $1.8 billion.

“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. From January to June Volvo’s sales increased with 3.9% to 65.3 billion kronor.