Volvo Car Group announced a major change of players right at the top of the company, as Hakan Samuelsson replaces Stefan Jacoby. Earlier this year Jacoby had to take a leave of absence due to health problems, which is probably what led to his early retirement.

Samuelsson has 35 years of experience in the automotive industry, and has the Chairman & CEO of MAN SE between 2005 and 2009. From 2010 he’s been an independent member of the Board of Directors of Volvo Car Group.

Li Shufu, majority shareholder and Chairman of the Board, announced this decision on behalf of the company, and thanked Stefan Jacoby for his valuable and strong contribution developing the strategy, namely the acquisition of the Volvo Car Group by Zhejiang Geely Holding.

“My time on the Board has provided me with insight in the Volvo brand and the company. My focus will be on execution and performance, to secure profitability and meet our sales objectives. No other business is as demanding, complex and full of challenges as the automotive industry. I look forward to leading Volvo Car Group in the most exciting period of its history,” says Hakan Samuelsson.”