Volvo Cars gets new CEO in Hakan Samuelsson

[October 20, 2012]  STOCKHOLM (AP) -- The board of Volvo Cars has appointed the former head of German truckmaker MAN SE, Hakan Samuelsson as its new president and CEO.

In Friday's statement, the company said Samuelsson, who has spent the last two years on Volvo's board, will replace Stefan Jacoby with immediate effect after the latter entered "an amicable agreement" to leave.

Volvo says Samuelsson, who was the CEO of MAN between 2005-2009, will help it improve its performance, especially in China.

The Goteborg-based group didn't give more details about Jacoby's departure, but in September, he suffered a mild stroke and suspended his duties for about a month. He became the company's CEO in 2010 after Geely bought the iconic Swedish car brand from Ford Motor Co.

Volvo is the Swedish arm of China's Geely Holding.

[Associated Press]

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