74-year-old Samuelsson sat on the Volvo Cars board from 2010 and was CEO between 2012 and 2022. He was driving when the company was to be listed, but the stock has lost 75 percent of its value under Rowan's management.
One must take it seriously that the stock price has fallen as it has. A program is needed to achieve a turnaround, and that's what I'll work for. It's about getting profitability up, focusing on cost structure and having a company with good products, says Samuelsson to Dagens industri.
"Pure electric car company"
He believes it is important to "continue electrification".
Volvo Cars only has a future as a pure electric car company. Not as a conventional car manufacturer in terms of profitability and jobs. But you can definitely have plug-in hybrids as a bridging solution, he says to the newspaper.
Samuelsson will be CEO during a two-year transition period, which according to a press release from Volvo Cars' board is to "ensure stability while preparing to appoint a long-term successor".
This is a leadership change that comes at a very critical time for both Volvo Cars and the automotive industry, says press chief Kristin Boldemann Wester to TT.
It's a time of rapid technological changes, growing geopolitical complexity, increased competition between different regions, and then the board has made the assessment that the company is best served by a leadership with deep industrial experience and extensive knowledge of our group, she continues.
Leaves immediately
Jim Rowan, previously CEO of Ember Technologies, is thus leaving with immediate effect.
One of the major reasons why Jim Rowan was chosen as CEO three years ago was that he would accelerate our transition to a software-driven company. He has done that very well and that's the foundation we're building on now, says Kristin Boldemann Wester.
