Volvo brings back former CEO - experienced executive given two years to change the company's course

Hakan Samuelsson will return to the position of CEO and President of Volvo Cars with a two-year contract from 1 April 2025. He will replace Jim Rowan, who leaves the board of directors on 31 March.

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The company noted that the return of Samuelsson, who led Volvo from 2012 to 2022, "will provide stability while the appointment of a long-term successor is prepared". Volvo also emphasised that the return of the experienced executive comes at a "pivotal moment" for the brand and the automotive industry as a whole due to:

• Rapid technological change
• Growing geopolitical complexity
• Increased competition between regions

The board is banking on Samuelsson's track record, noting his "deep industry experience", intimate knowledge of the company and history of success under pressure.

Volvo Cars, owned by Chinese carmaker Geely, recently revised its goal of becoming an all-electric brand by 2030. Instead, it will continue to offer updated models with internal combustion engines and electrified powertrains alongside a growing line-up of electric vehicles.

Despite the uncertainty ahead, the company is wrapping up a successful year. In 2024, Volvo posted its best results in its 98-year history, with 763,389 vehicles sold, record revenues and the highest core operating profit. However, 2025 is being called a "year of transition" as the company prepares for another unpredictable period in the automotive industry.

Source: Volvo Cars