Volvo Automobiles has reappointed Hakan Samuelsson, who served as CEO of the corporate from 2012 to 2022, as CEO after the group warned final month it might be in for a difficult 2025.
Samuelsson, 74, will succeed Jim Rowan, who will step down on March 31. Samuelsson would serve a two-year time period whereas the group ready to nominate a long-term successor, it mentioned on Sunday.
Rowan’s exit comes about three years after his appointment in January 2022, which adopted Volvo’s itemizing on the Stockholm Inventory Trade in 2021.
“We’re more than happy to welcome Hakan Samuelsson again as CEO,” mentioned Eric Li, Volvo Automobiles chair.
Li mentioned the corporate was going through fast-moving technological shifts, rising geopolitical challenges and intensifying competitors.
“He brings a uncommon mixture of business depth, strategic readability, and confirmed management, and Hakan has a broad information of our group,” Li mentioned.
Final month, Volvo Automobiles, majority-owned by China’s Geely, warned 2025 could be a tumultuous and aggressive 12 months throughout which it would battle to match its 2024 gross sales efficiency and profitability.
Geely Sweden, which manages the group’s investments within the European manufacturers resembling Polestar and Volvo Automobiles, declined to present additional remark.
Reuters
