Volvo’s board of directors dismisses CEO Rowan and brings Samuelsson back

Samuelsson is referred to as interim CEO in a statement presented by Volvo on Sunday and will take up the post immediately. The driving force behind the change in management is Chinese shareholder Geely, the German Automobilwoche reports.

Rowan’s dismissal comes just three years after his appointment in January 2022. The British national took the top job shortly after Volvo’s IPO on the Stockholm stock exchange and led the company through several extremely successful years. The change at the top took many in the company by surprise.

According to the statement, the return of Håkan Samuelsson ‘ensures stability while preparing to appoint a long-term successor.’ Samuelsson has been a member of the board since 2010 and was CEO of Volvo from 2012 to 2022. He then served as chairman of Polestar until 2024.

Volvo has only hinted at the reasons for the appointment, stating it is a ‘pivotal time’ for both Volvo Cars and the automotive industry as a whole. “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,” the statement reads. It seems that the board of directors no longer trusted the existing CEO to fulfil this task.

According to Automobilwoche, the driving force behind the change of management is said to be Eric Li (Li Shufu), Geely CEO and chairman of the supervisory board at Volvo Cars. In his statement on the personnel change, he praises Samuelsson accordingly.

“We are very pleased to welcome Håkan Samuelsson back as CEO,” said Li. “Håkan led Volvo Cars through one of its most transformative and value-creating decades.” Samuelsson is said to bring ‘a rare combination of “industrial depth, strategic clarity, and proven leadership.’

“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,” Li continued.

Håkan Samuelsson himself commented: “The car industry is under pressure from many directions. I’m 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.”

Li thanked Jim Rowan as usual in such changes: “His leadership over the past three years has accelerated Volvo Cars’ transition into a software-led, connected car company. […] We look forward to building on this foundation with renewed focus and industrial momentum.”

Volvo Cars had recently warned that 2025 would be a highly competitive year in which it might be difficult to match the sales figures and profitability of 2024. The US tariffs are one of the reasons for this, as the United States is Volvo’s largest single market. Rowan had said earlier this month that Volvo thus considered moving parts of its production to the US. The now-dismissed Volvo boss said that the company’s assembly plant had sufficient capacity.

investors.volvocars.com, automobilwoche.de (in German), reuters.com