Geely-owned Volvo Cars is bringing back former chief Hakan Samuelsson as CEO after the surprise departure of current CEO Jim Rowan.

Volvo said that Samuelsson  will serve a two-year term, starting April 1, 2025 while it searches for a long-term successor.

We are very pleased to welcome Hakan Samuelsson back as CEO,” said Eric Li, Chairperson of the Board. “Hakan led Volvo Cars through one of its most transformative and value-creating decades — revitalising the brand, expanding into new markets, and successfully executing its IPO. He brings a rare combination of industrial depth, strategic clarity, and proven leadership and Hakan has a broad knowledge of our group. As the industry enters an even more complex phase, we believe his experience and steady hand are exactly what is needed to strengthen Volvo Cars’ global position and unlock its next wave of potential.”

Jim Rowan, who has served as CEO since 2022, will step down on March 31, 2025, and leave the Volvo Cars Board on the same date. Rowan’s appointment followed Volvo Cars listing on the Stockholm stock market in 2021.

Industry analysts note that Volvo Cars faces a number of major challenges, including the imposition of import tariffs on shipments to the US, a major market for the company.