Volvo CEO and president HÃ¥kan Samuelsson will step down from his role in March after nearly a decade, to be replaced by ex-Dyson Group CEO Jim Rowan.
Autocar award winner Samuelsson has been president and CEO of Volvo Cars since October 2012, having previously served for two years on the company board and before that as chairman and CEO of the now defunct commercial vehicle manufacturer MAN SE.
Samuelsson's contract comes to an end in 2022, and Volvo said his successor has been selected after "a thorough and diligent search process to secure the continued strong leadership of Volvo Cars with a CEO who has a strong background in software, digital transformation and innovative consumer products".
When Rowan takes over on 21 March 2022, Samuelsson will leave Volvo's board of management but continue to serve as chairperson of EV performance brand Polestar as it prepares to list on the Nasdaq stock exchange later this year.
He has yet to comment on any future plans beyond that.
Samuelsson said: "I'm pleased to welcome Jim to his new role to continue the great journey Volvo Cars is on.
"I would also like to extend my thanks to all Volvo Cars employees for the incredible progress we have made together in the past 10 years - for not only making Volvo one of the fastest growing and most trusted premium automotive brands but [also] for always innovating and leading with purpose. I wish you all the best for the exciting years to come."
Li Shufu, Volvo chairman and founder of parent company Geely Holding Group, said: "I would like to take this opportunity to sincerely thank HÃ¥kan Samuelsson for his commitment and determination over the past ten years at Volvo Cars.
"HÃ¥kan has, together with his management team, created a renewed and strong product line, re-established Volvo as a premium brand that is well placed for the future and enabled the successful listing of Volvo Cars."
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Strange decision given poor record with stillborn Dyson car attempt and short-sightedness at Blackberry. Luckily Samuelsson is not too far away if the Chinese owners need to send a rescue boat.
Normally Volvo make good decisions - but ex person from Blackberry and Dyson cars??!!! When he was COO at Blackberry the share price went from $115 to $6 !! And the Dyson car was a great operational success........
Or, upcoming new Volvo's will have improved suction.
In so many ways, that attempt at humour doesn't work. But if the Volvo car company did have it's HQ in the UK, then if they wanted to avoid the catastophe that remoaners said would happen, surly Volvo or rather Dyson, would have moved their HQ to a EU member state where apparently paths are paved with gold?
Last time I checked, Singapore was in the same position as the UK - they're not in the EU and it's government as well as the majority of it's people don't want to be part of it.
Still grumpy in the new year remoaner. Must be the Shropshire by election results for Rejoin the EU, 58 votes, even monster raving looning party got 5 times that. That really is embarrassing.