Volvo Cars has removed CEO Jim Rowan and reinstated former chief executive Hakan Samuelsson on an interim basis, the company announced on Sunday. The move, backed by Chinese parent Geely, comes as the automaker seeks leadership with “deep industrial experience” amid shifting market conditions.
Samuelsson, 74, will assume the role immediately and is expected to serve for two years while the board identifies a long-term successor. The decision marks his return to the automaker, where he previously held the top position from 2012 to 2022.
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“We are very pleased to welcome HĆ„kan Samuelsson back as CEO,” said Eric Li, chairman of Volvo Carsā board and CEO of Geely. “HĆ„kan led Volvo Cars through one of its most transformative and value-creating decades. As the industry enters an even more complex phase, we believe his experience and steady hand are exactly what is needed to strengthen Volvo Carsā global position and unlock its next wave of potential.”
The company did not provide specific reasons for Rowanās departure but acknowledged that the automotive industry is facing “fast-moving technological shifts, growing geopolitical complexity, and intensifying competition across regions.” Samuelssonās return, it said, ensures stability as Volvo Cars transitions through these challenges.
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Rowan, a British national, took over as CEO in January 2022, shortly after Volvoās initial public offering on the Stockholm stock exchange. Under his leadership, the automaker navigated supply chain disruptions and market shifts, while accelerating its transition to electric vehicles. Despite these efforts, the company recently warned that 2025 could be a difficult year due to heightened competition and new U.S. tariffs on Chinese-made vehicles, a key factor as Volvo considers shifting some production to the United States.
In a statement acknowledging Rowanās contributions, Li remarked, “His leadership over the past three years has accelerated Volvo Carsā transition into a software-led, connected car company. We look forward to building on this foundation with renewed focus and industrial momentum.”
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Samuelsson, who also served as chairman of Polestar until 2024, expressed his commitment to guiding Volvo Cars through the current landscape. “The car industry is under pressure from many directions. Iām honoured 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.”
The leadership transition follows Geely’s increasing influence over Volvoās strategic direction, with reports suggesting that Li played a pivotal role in the decision. Volvoās focus remains on expanding its electric vehicle lineup and bolstering its global competitiveness as it adapts to evolving market conditions.