Written by Cláudio Afonso | LinkedIn | X
Volvo Cars said on Monday that its CEO Jim Rowan will step down this Monday after nearly three years in the role.
To replace the chief executive, the company’s Board of Directors has decided to appoint its veteran and former CEO Håkan Samuelsson as the company faces increased competition and new tariffs imposed by the U.S. administration.
Håkan, who turned 74 earlier this month, will serve a two-year term starting from Tuesday, April 1, as the company searches for a “long-term successor.”
“This ensures stability while preparing to appoint a long-term successor,” the company said in a statement.
Håkan Samuelsson served on the Volvo Cars Board starting in 2010 and as CEO from 2012 to 2022, before transitioning to Volvo Cars’ sister brand Polestar, where he served as Chairperson until last September.
Volvo Cars sold 50,662 vehicles globally in February, up 1% or 350 units from a year ago. However, sales of battery electric vehicles (BEVs) dropped 15% year-over-year to 9,330 units, marking the lowest monthly total since January 2024.
In 2024, the company sold 763,389 vehicles, an increase of 8% compared to the previous year. The growth was mainly fueled by stronger demand in Europe, where sales rose by 25% to 369,685 units, accounting for nearly half of the company’s total sales.
The brand commented on Rowan’s departure saying it expresses its “deepest gratitude” […] as he steps down as CEO of Volvo Cars.”
In a social media post, Volvo added that — since 2022 — the chief executive led the company “through an exciting period of transformation, driving our electrification strategy forward, advancing our technology ambitions, and reinforcing our commitment to sustainability.”
In contrast, the company backed by the Chinese Group Geely Holding sold 11,342 plug-in hybrid models, an 8% increase from February 2024.
