Volvo Cars (VOLCARb.ST) has brought back veteran leader Hakan Samuelsson as its Chief Executive Officer. Samuelsson, who previously led the company from 2012 to 2022, will now resume the role as the company prepares for a potentially tough 2025. His reappointment comes as a response to concerns raised last month about Volvo’s future performance and competitive landscape.
Samuelsson, now 74, will take over from Jim Rowan, who will step down on March 31. Samuelsson’s term will last for two years while the company seeks a long-term successor. Rowan’s exit is notably quick, coming just three years after he assumed the role in January 2022, following Volvo’s listing on the Stockholm Stock Exchange in 2021.
Eric Li, Volvo Cars’ Chairman of the Board, expressed his enthusiasm for Samuelsson’s return, saying, “We are very pleased to welcome Hakan Samuelsson back as CEO.” Li highlighted the challenges ahead, including rapid technological changes, geopolitical tensions, and increasing competition. “He brings a rare combination of industrial depth, strategic clarity, and proven leadership and Hakan has a broad knowledge of our group,” Li added.
This shift comes after Volvo Cars, primarily owned by China’s Geely, warned last month that 2025 might present difficulties. The company faces the potential challenge of falling short of its 2024 sales targets and profitability.
Geely Sweden, the branch overseeing investments in Volvo Cars and European brands like Polestar, chose not to comment further on the transition.
With Samuelsson’s seasoned leadership, Volvo Cars aims to navigate these turbulent times and continue its commitment to innovation in a rapidly shifting automotive market.
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