Volvo Cars has picked 23-year company veteran Hans Oscarsson to be its new chief financial officer. Effective Aug. 1, he replaces his boss, Jan Gurander, who is stepping down.
The automaker, which is owned by China's Zhejiang Geely Holding Group, has been cutting costs due to weak sales in Europe and the United States. Volvo has been slow to establish a presence in China, where it hopes the recent opening of its first production plant will give it a sales boost.
Currently Volvo's deputy CFO, Oscarsson has worked with the automaker since 1990. He has served as a controller and CFO at Volvo's national sales companies and has held a number of central functions, including temporary CFO in 2010-2011, the company said in a statement today.
As interim finance chief he played a key role during Zhejiang Geely's acquisition of Volvo from Ford Motor Co., according to the company. In 2010, Zhejiang Geely bought Volvo from Ford for $1.8 billion.
"Hans Oscarsson's broad experience within Volvo Cars and his efforts during different phases of the company's history makes him highly suitable to take over the CFO position," Volvo CEO Hakan Samuelsson said in the statement.
Gurander, 51, joins a number of senior executives leaving Volvo since Samuelsson replaced Stefan Jacoby as the automaker's CEO in October.
On July 1, Doug Speck head of marketing and sales and customer service, and Axel Maschka, head of purchasing, left the company. Speck, 54, was replaced by Alain Visser, 49, who is the former sales and marketing boss at General Motors' Opel brand. Volvo merged Maschka's post into a global purchasing and manufacturing position filled by Lars Wrebo, 51, who was promoted from his role as manufacturing boss.
Volvo has been hit by infighting among senior executives, according to Reuters.