Former MAN boss takes over at Volvo

Volvo Cars has named Hakan Samuelsson, the former chief executive of truckmaker MAN to succeed Stefan Jacoby as chief of the Swedish vehicle maker.

Samuelsson, a Volvo Cars board member, is replacing Jacoby immediately, the Gothenburg-based carmaker said at a press conference in Stockholm.

Jacoby said on September 24 that he would be on sick leave for about a month after suffering a "mild" stroke. Jan Gurander, Volvo's chief financial officer, had been serving as interim chief executive.

Samuelsson, a Swede, joined Volvo's board in 2010 when Chinese manufacturer Zhejiang Geely bought the company from Ford Motor for US$1.8 billion. Jacoby was recruited two years ago from his position as head of Volkswagen's US operations.

Samuelsson stepped down as head of Munich-based MAN in November 2009 after more than four years at that post and nine years with the company.

To leapfrog rivals Daimler and Volvo, the executive sought to buy rival Scania in 2006 to create Europe's largest truckmaker. He was forced to withdraw the hostile bid for his former employer after the Swedish truckmaker's largest investors, including Volkswagen, balked at his €10.3 billion (HK$104 billion) offer. VW eventually took control of Scania and became MAN's largest shareholder.

Samuelsson's exit came as MAN was involved in a probe into possible illegal payments at the truckmaker. Munich prosecutors raided 59 MAN sites in May 2009, leading to the arrest of two people and more than 100 individuals being investigated.