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Stefan Jacoby is out as Volvo’s CEO, with Hakan Samuelsson, former head of truck maker MAN, replacing him effective immediately.
Jacoby suffered a mild stroke recently, though Volvo’s board said that his health was unrelated to the personnel change. Samuelsson already holds a seat on Volvo’s board, and Jacoby’s split with Volvo was described as “amicable”. Jacoby has reportedly clashed with key executives, including Vice Chairman Hans-Olov Olsson, over management decisions, including Olsson’s insistence that his son-in-law be hired as global head of sales for Volvo.
This is to be expected as Volvo Cars have a new Owner and I expect more changes in the Year ahead. Lesson to be learned Never argue with Upper Management!
This is all middle management. I don’t see any Geely names here (that would be the ultimate upper management…aka owners).
There were allegations of nepotism but daddy-in-law put a stop to those.
I’m thinking a bunch of Cardiologists are telling Jacoby to “slow his roll”. A stroke is nothing to take lightly.
They should have just appointed a Chinese CEO and gotten it over with now. Volvo is going to die a very quick death. You would be foolish to buy one now.
The Chinese owners wanted quick expansion of Volvo production and sales in China. Jacoby resisted this, fearing for Volvo’s image and quality. The Chinese wanted more bling and less Scandinavian understatement. Now they will have their way.
The Chinese don’t care about Volvo’s brand values. Expect them to ruin what is left of Volvo to make show-off cars for rich Chinese.