- Jim Rowan will step down as Volvo Cars CEO today.
- He will be replaced by Håkan Samuelsson, who served as CEO before Rowan.
Volvo Cars's Chief Executive Officer, Jim Rowan, will step down today. The company’s board of directors voted to replace him after three years at the helm of the Swedish automaker. Rowan, who was also the automaker's President, will be replaced by Håkan Samuelsson, who will serve a two-year term starting tomorrow. During this time, Volvo will search for a long-term successor.
If Samuelsson’s name sounds familiar, it’s because he’s a household name. He was CEO from 2012 to 2022 before Rowan took the reins and served on the board from 2010. He was also the Chairperson of Polestar until 2024.
The board’s vote to replace Jim Rowan is somewhat surprising, seeing how last year, Volvo posted its best-ever sales, profits and revenue figures. That said, the automaker postponed its goal to go fully electric by the end of the decade and saw disappointing sales numbers in the United States for its all-electric vehicles. At the same time, however, sales of plug-in hybrid vehicles in the U.S. skyrocketed by nearly 70%.
Explaining its decision, the company’s board said that the leadership change comes “at a pivotal time for both Volvo Cars and the wider automotive industry” and that the company will be “best served by leadership with deep industrial experience, deep knowledge of our group and a proven ability to execute in challenging environments.”
As a reminder, Håkan Samuelsson was CEO when Volvo was developing the SPA architecture that underpins almost all of the automaker’s modern models, including the XC90, S60 and S90.
“We are very pleased to welcome Håkan Samuelsson back as CEO,” said Eric Li, Chairperson of the Board. “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.”
Jim Rowan has served as the CEO of Volvo Cars since March 2022. Previously, he worked at Henkel, Dyson and BlackBerry, among others, according to his LinkedIn profile.
Håkan Samuelsson was an executive at Scania and served as the CEO of MAN Truck & Bus. He also held several positions on the boards of directors at Siemens, Volvo Group, Polestar, ABB and Bet Motors, among others.
