Stefan Jacoby tenure as CEO of the Volvo Car Group has been stripped of position as CEO and member Hakan Samuelsson will take over as president and CEO, effective immediately.
A few weeks ago it was reported that Steven Jacoby did suffer a mild stroke last month, but reports out of Sweden indicate that his ouster is not related to his health condition.
"I see major opportunities for Volvo Cars to improve profitability, and accelerate our growth plan in China specifically. I am convinced that Hakan Samuelsson's thorough experience and leadership will help us increase performance," said Li Shufu, majority shareholder and Chairman of the Board, in a statement released to the media.
In an official statement, Li Shufu, chairman of Volvo Car Group, announced this decision on behalf of the company, and thanked Stefan Jacoby for his valuable and strong contribution developing the strategy.
Volvo lost about $38 million during the first half of 2012, while China is the biggest overseas car venture and Sweden, where Volvo still has a large production plant.
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