Volvo brings back ex-CEO to sort out troubles

Håkan Samuelsson, who had headed Volvo Cars from 2012 until 2022, is once again at the rudder following the dismissal of Board Chairman Jim Rowan.

Samuelsson, 74, apparently had different plans for his retirement, but the company urged him to come back and try to resolve the ongoing crisis in Volvo. While no specific reasons are cited by the automaker itself, it seems pretty obvious that hurrying to embrace EVs at the expense of traditional cars was a risky move. In all likelihood, this is what forced Volvo to overspend on reorienting its business again when the EV market started shrinking.

According to the contract, Samuelsson has two years in his office as the CEO to try and straighten up the company’s direction until it finds someone to fill the vacancy on a permanent basis.