Further details have emerged of Volvo's new board composition following formal acquisition of the Swedish automaker by Zhejiang Geely Holding today (2 August).

Chief Executive of Volkswagen Group of America Stefan Jacoby will become president and CEO of Volvo Cars from 16 August, while Geely Holding Group chairman Li Shufu will chair the board.

The board will comprise several new directors including former Volvo president and chief executive Hans-Olov Olsson and a former unnamed chief marketing officer of Ford, who will become vice-chairman.

Other board members include Freeman Shen, Håkan Samuelsson, Herbert Demel, Lone Fonss Schröder and Winnie Kin Wah Fok.

The board - which will include three labour representatives nominated by unions at Volvo Cars - will assume its duties on completion of the transaction.

"Our employees, suppliers, dealers - and above all our customers - can be confident that Volvo will preserve its status as the industry leader in vehicle safety and innovation - even as it pursues new market opportunities," said Jacoby.

The sale was marked by a ceremony today in London attended by Shufu and Ford CFO Lewis Booth.

"This famous Swedish premium brand will remain true to its core values of safety, quality, environmental care and modern Scandinavian design as it strengthens the existing European and North American markets and expands its presence in China and other emerging markets," said Shufu.