It appears that there is a small storm brewing at Volvo. The Swedish car maker has been seen some rocky times lately, and rumors have swirled that CEO Stefan Jacoby has been butting heads with the Board of Directors.
Now Volvo has released a statement that Jacoby has left and Håkan Samuelsson is the new President and CEO of the company. Samuelsson is not new to the brand he has served on the board since 2010. Current majority shareholder and Board Chairman Li Shufu vouched for Samuelsson, stating, “I see major opportunities for Volvo Cars to improve profitability, and accelerate our growth plan in China specifically. I am convinced that Håkan Samuelsson’s thorough experience and leadership will help us increase performance.”
Despite any internal conflicts, Volvo claims that Jacoby and the Board have departed with an “amicable agreement”. We assume that means that Jacoby was paid a fat stack of cash to leave, but have no evidence to verify.
Let’s see if the new CEO can help bring Volvo back to power in a faltering European market.
