According to a report out of Germany, President and CEO of the Volkswagen Group of America Stefan Jacoby is set to leave the automaker this August to take the top spot at Volvo.

Jacoby, who has led VW's U.S. arm since 2007 and enjoyed a brief stint at Mitsubishi Motors Europe, is set to replace Volvo's current CEO Briton Stephen Odell. Odell will reportedly become the new head of Ford's European operations when Jacoby takes over the Geely-owned Swedish marque in August.

[Source: Reuters | Image: Ramin Talaie/Getty]