Volvo Cars appointed Håkan Samuelsson as CEO, succeeding Jim Rowan, in a surprising leadership change despite record sales in 2024. Samuelsson, who previously led Volvo from 2012 to 2022, will serve a two-year term starting April 1. His appointment reflects the board's concern over changing market conditions, especially after a strong first half of 2024 followed by slower demand impacting sales and profitability. Eric Li, Volvo's board chair, praised Samuelsson's strategic insight and leadership, indicating confidence in his ability to navigate upcoming challenges such as new U.S. tariffs.
"Håkan led Volvo Cars through one of its most transformative and value-creating decades - revitalising the brand, expanding into new markets, and successfully executing its IPO," said Eric Li.
"For the first six months, we recorded strong double-digit volume growth," Rowan said. "But like the rest of the industry, we experienced a more challenging second half."
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