Volvo returns to the basic concepts of the vehicle industry with the CEO Surprise switch


By Marie Mannes and Nick Carey

Stockholm/London (Reuters) -Volvo Car’s Brupt Decision of Touching Hakan Samuelsson, as his CEO again puts the car industry veteran again in charge of directing the cars maker through the United States President’s tariff turbulence, Donald Trump, and a Wobbly transition to electric cars, according to the investors and the investors.

Samuelsson, led by the Swedish car maker for a decade from 2012 to 2022, helped revitalize the Volvo brand and oversaw the company’s initial public offer in 2021 on the Stockholm Actions Stock Exchange.

He also directed Volvo during Trump’s first term, during which the company built a car assembly plant in South Carolina, a play that could be crucial if Trump advances and gives 25% rates to imports from North -Americans on Wednesday.

Its automotive industry industry contrasts with the outgoing CEO Jim Rowan, who joined Dyson in 2022 without any experience of the car industry.

Rowan was an unconventional choice with a three -decades career in the consumer and technology sectors. But at that time, the car maker said that Rowan’s experience of digitalization, interruption, innovation, engineering and supply chains would be valuable.

The President of the Board of Volvo Cars, Eric Li, also known as Li Shuff, said that Samuelsson’s experience was exactly what was needed, as the car industry was in a more complex phase.

“We meet Håkan Samuelsson as a very experienced and experienced leader in the industry,” said Carina Silberg, a head of government and a fiesta, the fifth largest shareholder in Volvo Cars.

Sverre Linton, legal director of the Association of Swedish shareholders, who represents small shareholders in Volvo, said: “But … Samuelsson is not a wizard, it also needs the help of a solid strategy in which the Council plays a central role.”

Other investors and analysts said in research notes and Reuters interviews that were surprised by the news, but it was echoed that Volvo returned to his roots.

Samuelsson, 74, has been designated for a two -year stage while the company seeks a long -term replacement.

Volvo’s shares, which have dropped almost 70% from the group’s 2021 list, fell slightly on Monday, reaching a new minimum whenever the measure was in line with the wider market in Stockholm, which dropped almost 2%.

“It was unexpected for me, the price of the shares has clearly supplied the car industry, but on the other side the company has done better,” said Handelsbanken’s analyst, Hampus Engelau.

Samuelsson’s return to Volvo’s head also comes at a difficult time for the owner of the Swedish car maker, Geely, who owns 78.7% of Volvo’s shares.



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