Geely Chairman to Head Volvo

The Chinese automaker said that more senior management reshufflings would be announced after the completion of the US$ 1.8 billion transaction with Ford Motor

Zhejiang Geely Holding Group Co.'s Chairman Li Shufu will become Volvo chairman after the privately-owned Chinese carmaker completes the takeover of the Swedish luxury brand from Ford Motor.

Geely announced on July 15 that Hans-Olov Olsson, former chief executive of Volvo, has been named as vice chairman.

According to Geely, the appointment of other senior management and board members will be announced before the completion of the transaction in the third quarter.

Geely stated that Volvo will further strengthen its position in the Europe and North America markets while expanding its Chinese market growth.

Ford announced earlier that Volvo's current chief executive, Stephen O'Dell, will become chairman of Ford's European division after the transaction. Meanwhile, Stuart Rowley, Volvo's chief financial officer (CFO) will become the CFO of the European division.

As the largest overseas acquisition by a Chinese automaker, Geely agreed to buy Volvo for US$ 1.8 billion earlier this year. Geely has set aside US$ 900 million to support the Swedish automaker's future development.

Geely reiterated that Volvo's headquarters will remain in Gothenburg after the takeover.