Outgoing CEO, Jim Rowan, steps down after three years in the role
- Ex-Volvo CEO Hakan Samuelsson returns in the position he held between 2012 and 2022.
- He will replace Jim Rowan, who leaves Volvo Cars Board effective March 31st.
- The returning CEO will serve for two years, as Volvo looks for his long-term successor.
Desperate times call for desperate measures—though to be clear, Volvo isn’t in Nissan-level trouble, fighting for survival. Still, the company is making an unconventional leadership move in response to ongoing industry upheaval: current CEO Jim Rowan is stepping down, and his predecessor, Håkan Samuelsson, is stepping back in after previously holding the role from 2012 to 2022.
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Effective April 1st, 2025, Hakan Samuelsson is being appointed the new Chief Executive Officer and President of Volvo Cars for a two-year term. According to the company, this “ensures stability while preparing to appoint a long-term successor”.
A Familiar Face in Unfamiliar Times
Moreover, they stressed that Samuelsson’s return comes at a “pivotal time” for the brand and the automotive industry in general, due to “fast-moving technological shifts, growing geopolitical complexity, and intensifying competition across regions“.
The board is betting that Samuelsson’s track record—he previously served from 2012 to 2022—will help navigate the turbulence. They point to his “deep industrial experience,” intimate knowledge of the company, and a history of executing well under pressure.
No Longer All-In on EVs
Volvo, which is owned by Chinese automaker Geely, recently walked back its goal of becoming an electric-only brand by 2030. Instead, it will continue offering updated internal combustion engine models with electrified powertrains, alongside its growing EV lineup. It’s a pragmatic pivot in a market that remains more transitional than transformative.
Eric Li, Chairperson of the Board, has welcomed Samuelsson back as CEO, saying that during his previous tenure he led Volvo “through one of its most transformative and value-creating decades – revitalizing the brand, expanding into new markets, and successfully executing its IPO”.
For his part, Samuelsson sounds ready for the challenge: “The car industry is under pressure from many directions,” he said. “I’m honored to return at such a defining moment for Volvo Cars. I have deep respect for the challenges ahead and look forward to working with our talented team to sharpen our competitiveness, meet the demands of key markets, and accelerate strategic execution and focus on leadership development.”
Li also thanked the outgoing CEO, Jim Rowan, for his “important contributions”, adding that “His leadership over the past three years has accelerated Volvo Cars’ transition into a software-led, connected car company. His commitment and energy have built a strong foundation in digital capabilities, and we are grateful for his efforts during a time of significant change.”
Rowan, who will leave the Volvo Cars Board effective today, March 31, said: “It has been a privilege to lead Volvo Cars and work alongside such an exceptional team. Together, we’ve made significant progress in building a fast-growing, trusted brand and launched some of the industry’s most advanced and safety-oriented products – benefiting our customers and the broader community. I wish everyone at Volvo Cars continued success as the journey continues.”
Despite uncertainty ahead, the company is coming off a strong year. In 2024, Volvo posted the best results in its 98-year history, with 763,389 vehicles sold, record revenues, and the highest core operating profit to date. Still, 2025 is being framed as a “year of transition,” as the company prepares to navigate what’s shaping up to be another unpredictable chapter in the auto industry.
