There’s a big change happening at the highest levels of Volvo’s executive structure. Hakan Samuelsson, who led the company through its renaissance in the 2010s, will return as CEO, replacing Jim Rowan, who will step down after three years in charge of the Swedish automaker.
Although Volvo sales were up eight per cent in 2024, share prices have languished under Rowan and the company has had a rocky few years. Not only did it go back on its promise to go all-electric, but its first next-generation model, the long-awaited (and delayed) EX90, disappointed upon its launch.
When it made the surprise decision to hire Rowan, a former executive at Dyson with no previous automotive experience, Volvo explained that the new CEO’s experience in digitalization and disruption were some of the factors that attracted it to him. But now, the challenges facing the automotive world are much more old-fashioned than they were a few years ago.
As the United States introduces protectionist tariffs, Volvo appears to be looking to Samuelsson as a steady hand. The incoming CEO was in charge of the company during the first Trump administration, and he led the company when it opened a plant in South Carolina.
Samuelsson “brings a rare combination of industrial depth, strategic clarity, and proven leadership and Håkan has a broad knowledge of our group,” said Eric Li, chairperson of Volvo’s board of directors. “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.”
But Samuelsson’s steady hand will only be at the helm for a short, two-year period. Volvo says that it is relying on the Swedish executive to take charge while it looks for a longer-term leader.
