Scottish businessman and investor Jim Rowan is to step down as CEO of Volvo Cars with immediate effect.
Rowan, who has served as CEO since 2022, will also leave the Volvo Cars board.
Volvo Cars has appointed former CEO Håkan Samuelsson, 74, as CEO and President. Samuelsson will serve a two-year term, starting April 1, 2025.
“This ensures stability while preparing to appoint a long-term successor,” said Volvo Cars.
Samuelsson served on the Volvo Cars board from 2010 and as CEO from 2012 to 2022.
“This leadership transition comes at a pivotal time for both Volvo Cars and the wider automotive industry,” said Volvo Cars.
“With fast-moving technological shifts, growing geopolitical complexity, and intensifying competition across regions, the board believes the company is best served by leadership with deep industrial experience, deep knowledge of our group, and a proven ability to execute in challenging environments.”
Eric Li, Chairperson of the Volvo Cars board, said: “We are very pleased to welcome Håkan Samuelsson back as CEO.
“Håkan led Volvo Cars through one of its most transformative and value-creating decades — revitalising the brand, expanding into new markets, and successfully executing its IPO. He brings a rare combination of industrial depth, strategic clarity, and proven leadership and Håkan has a broad knowledge of our group.
“As the industry enters an even more complex phase, we believe his experience and steady hand are exactly what is needed to strengthen Volvo Cars’ global position and unlock its next wave of potential …
“At the same time, we want to thank Jim Rowan for his important contributions.
“His leadership over the past three years has accelerated Volvo Cars’ transition into a software-led, connected car company.
“His commitment and energy have built a strong foundation in digital capabilities, and we are grateful for his efforts during a time of significant change. We look forward to building on this foundation with renewed focus and industrial momentum.”
Rowan said: “It has been a privilege to lead Volvo Cars and work alongside such an exceptional team.
“Together, we’ve made significant progress in building a fast-growing, trusted brand and launched some of the industry’s most advanced and safety-oriented products — benefiting our customers and the broader community.
“I wish everyone at Volvo Cars continued success as the journey continues.”
Rowan was formerly CEO of California-based Ember Technologies, CEO of the Dyson Group and COO of BlackBerry.
Samuelsson said: “The car industry is under pressure from many directions. I’m honored to return at such a defining moment for Volvo Cars.
“I have deep respect for the challenges ahead and look forward to working with our talented team to sharpen our competitiveness, meet the demands of key markets, and accelerate strategic execution and focus on leadership development.”