Håkan Samuelsson, the former CEO of Volvo Cars for a decade from 2012 to 2022, is making a triumphant return to the helm of the company. Volvo Cars announced in a press release that Samuelsson will reassume the role of CEO starting on April 1st, with a two-year tenure planned. This move is intended to provide stability while the company prepares to appoint a long-term successor.
The decision comes at a critical juncture for Volvo Cars, as the company’s stock has seen a 21% decline this year. The stock has also experienced decreases over the past one, three, and since its initial public offering. Volvo Cars stated that the leadership change is happening “at a crucial time for both Volvo Cars and the wider automotive industry.”
Eric Li, the chairman of the board at Volvo Cars, emphasized the importance of Samuelsson’s experience and steady leadership in navigating the increasingly complex phase that the industry is entering. “As the industry enters an even more challenging phase, we believe his experience and steady hand are what is needed to strengthen Volvo Cars’ global position and unlock its potential to the next level,” Li stated.
Samuelsson expressed his honor at the opportunity to return as CEO of the automaker, stating that he is looking forward to contributing to Volvo Cars’ continued success. He will be taking over from Jim Rowan, who replaced him as CEO in 2022. Rowan will be stepping down from his role on March 31st, also exiting the board of directors.
“I wish everyone at Volvo Cars continued success as the journey continues,” Rowan remarked. The plan is for the 74-year-old Samuelsson to be elected to the board at the upcoming annual general meeting.
The return of Håkan Samuelsson to Volvo Cars signals a new chapter for the company, with a focus on stability, growth, and innovation in the ever-evolving automotive industry. As Samuelsson takes the reins once again, all eyes will be on Volvo Cars as it embarks on its next phase of development and expansion.