Zhejiang Geely Holding Group today named Volkswagen's Stefan Jacoby as CEO of Volvo Cars, after completing its acquisition of the Swedish brand from Ford Motor Co. for $1.8 billion.
Jacoby, 52, will take up his role on August 16, succeeding Stephen Odell, 55, who will become head of Ford of Europe. Odell, a Ford veteran, will succeed John Fleming, 58, who will focus on leading Ford's global manufacturing and labor affairs.
Jacoby had been Volkswagen's top U.S. executive since September 2007. He said in a statement today that Volvo employees, suppliers, dealers and customers "can be confident that Volvo will preserve its special status as the industry leader in vehicle safety and innovation."
Stuart Rowley, Volvo's finance head, will also return to Ford as chief financial officer of Ford's European unit.
Geely said Hans Oskarsson will replace Rowley as Volvo's interim chief financial officer. Oscarsson is currently Volvo's deputy chief financial officer.
Jacoby started working for Volkswagen in 1985 in the industrial sales controlling department. From 1997 to 2001 he was responsible for VW's Asia-Pacific region. Jacoby left Volkswagen in 2001 to work for Mitsubishi Motors Corp.'s European operations. He returned to VW in March 2004 and became Volkswagen's global sales chief later that year.
VW said last month that Michael Lohscheller, who has been in charge of finance for the company in the U.S. since 2007, will run Volkswagen Group of America on an interim basis, while Mark Barnes will do the same for the Volkswagen brand until a sucessor for Jacoby is chosen.
Jacoby will join the board of Volvo Cars, chaired by Li Shufu, Geely Holding Group chairman. Hans-Olov Olsson will be vice-chairman. Olsson was Volvo Cars CEO from 2000-2005 and Ford's senior vice president for global marketing from 2005-2006.
Other board members include Herbert Demel, a former Fiat CEO who now heads Magna International's operations in China, South East Asia, India, Africa and South America.