Volvo CEO Hakan SamuelssonStefan Jacoby is stepping down as Volvo CEO in an "amicable agreement" with the automaker's board of directors.

Recent reports suggested Jacoby and the board had clashed over regaining European market share and the brand's position as an international luxury manufacturer. Much of that friction came from the arrival of Vice Chairman Hans-Olov Olsson, a former Volvo CEO himself. The company's new owners, Chinese automaker Geely, brought Olsson back to the board room to balance Jacoby's decisions.

Now Hakan Samuelsson (pictured right) is set to take over as CEO. Samuelsson currently serves as a Volvo board member and most recently served as the Chairman and CEO of MAN SE for four years between 2005 and 2009. The new executive says his goal is to focus on the brand's profitability and meeting sales goals.

Samuelsson faces and uphill battle, to be sure, in a continually weakening European market that has seen Volvo slide from relevance in recent years. The company has high hopes that its new CEO will help them continue to gain a foothold in the Chinese market, as well.

You can take a look at the full press release below for more information.
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Volvo Car Group appoints new President and CEO

The Board of Directors of Volvo Car Group has appointed Håkan Samuelsson, currently Board member, as new President & CEO effective immediately. Stefan Jacoby will leave Volvo Car Group* after an amicable agreement with the Board of Directors.

"I see major opportunities for Volvo Cars to improve profitability, and accelerate our growth plan in China specifically. I am convinced that Håkan Samuelsson's thorough experience and leadership will help us increase performance," says Li Shufu, majority shareholder and Chairman of the Board.

He continues: "We have a strong strategy and transformation plan in place which we will now execute. I would like to thank Stefan Jacoby for his valuable and strong contribution developing the strategy and taking the company through the first two years following the acquisition of the Volvo Car Group by Zhejiang Geely Holding," says Li Shufu.

Håkan Samuelsson has 35 years of experience from leading positions in the automotive industry, most recently as Chairman & CEO of MAN SE between 2005 and 2009. Since 2010 he is an independent member of the Board of Directors of Volvo Car Group.

"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 Håkan Samuelsson."