volvo samuelsson.automotiveIT

Former MAN CEO Samuelsson has 35 years of auto-industry experience (Photo: MAN)

Volvo Cars has appointed former MAN boss Hakan Samuelsson CEO of the Swedish automaker, succeeding Stefan Jacoby, who suffered a mild stroke in September.

Jacoby will leave the company "after an amicable agreement," Volvo said.

The appointment of Samuelsson, a supervisory board member of Volvo since 2010, means the top position at Volvo Cars will once again be held by a Swede. Before Jacoby, a German national, British-born Stephen Odell ran the group.

Volvo, which is owned by Chinese carmaker Geely, has embarked on an ambitious expansion in the Chinese market and Geely Chairman Lif Shufu said: "I see major opportunities for Volvo Cars to improve profitability, and accelerate our growth plan in China specifically."

Samuelsson said in the same press release he would focus on "execution and performance to secure profitability and meet our sales objectives."

Following the sale of Volvo by former owner Ford Motor to Geely in August, 2010, Jacoby was appointed the company's new CEO. He moved aggressively to establish the Swedish carmaker as an independent competitor in the global premium market. Jacoby earlier ran Volkswagen of America.

Samuelsson has 35 years of experience in the auto industry. He left MAN in 2009, as the German truck and bus maker became a more integrated part of the Volkswagen Group, its majority owner.

In June, VW announced it had raised its stake in MAN to more than 75 pc of the company's voting rights.