Hakan Samuelsson returns as Volvo CEO

Volvo Cars has reappointed Hakan Samuelsson, who served as CEO of the company from 2012 to 2022, as CEO after the group warned last month it could be in for a challenging 2025.

Samuelsson, 74, will succeed Jim Rowan, who will step down on March 31. Samuelsson would serve a two-year term while the group prepared to appoint a long-term successor, it said on Sunday.

Rowan’s exit comes about three years after his appointment in January 2022, which followed Volvo’s listing on the Stockholm Stock Exchange in 2021.

“We are very pleased to welcome Hakan Samuelsson back as CEO,” said Eric Li, Volvo Cars chair.

Li said the company was facing fast-moving technological shifts, growing geopolitical challenges and intensifying competition.

“He brings a rare combination of industrial depth, strategic clarity, and proven leadership, and Hakan has a broad knowledge of our group,” Li said.

Last month, Volvo Cars, majority-owned by China’s Geely, warned 2025 would be a tumultuous and competitive year during which it might struggle to match its 2024 sales performance and profitability.

Geely Sweden, which manages the group’s investments in the European brands such as Polestar and Volvo Cars, declined to give further comment.

Reuters