GOTHENBERG, Sweden, Oct. 20 (UPI) -- Swedish car company Volvo said it is replacing President and Chief Executive Officer Stefan Jacoby, effective immediately, with Hakan Samuelsson succeeding him.
Jacoby suffered a mild stroke in September, but Automotive News said that was not a reason he was let go.
The New York Times reported Saturday that Samuelsson would take over the top job at Volvo, which is attempting to expand its position as a luxury car brand for China.
Company Chairman Li Shufu cited expansion in China as the reason the company made the move.
"I see major opportunities for Volvo Cars to improve profitability and accelerate our growth plan in China specifically. I am convinced that Hakan Samuelsson's thorough experience and leadership will help us increase performance," Shufu, said.
Jacoby joined Volvo in August 2010. The company had already been purchased by Chinese automaker Zhejiang Geely Holding at that point.
Samuelsson is the former CEO of MAN Group, a German trucking conglomerate.
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