Management changes at Volvo Car Corporation;
New extended management team and head of China Operations appointed
President & CEO Stefan Jacoby announced on Tuesday a new top management for Volvo Car Corporation. The previous structure with an operative head of the company's industrial operations has been eliminated. The SVPs for Product Development, Manufacturing, Purchasing and Quality will now report directly to CEO. In addition, the head of Special Vehicles will also report directly to CEO.
Freeman Shen has been appointed Senior Vice President for Volvo Cars' China operations, which includes full responsibility for both the industrial and the commercial part of the business. Intensive work is currently underway to be able to announce shortly the future direction for Volvo China and coming investments in the important Chinese market.
"We are currently in a very important and exciting period for Volvo Cars," said Stefan Jacoby, President & CEO Volvo Car Corporation.
"It's essential to extend the executive management team in order to speed up the decision making process and to make well-founded business decisions. This will ensure that everyone is focused on the key issues and it will increase necessary transparency," added Jacoby.
Freeman Shen is a Zhejiang Geely executive who has acted as a close advisor to Mr. Li Shufu, the Chairman of Volvo Car Corporation. As a former CEO of Fiat Powertrain Technologies China during 2007-2009, Freeman Shen joined Geely in December 2009 as Vice President for the company's overseas business. Freeman Shen obtained Master's degrees in engineering and business administration from U.S. universities and began his professional career in the U.S. working for companies such as BorgWarner Inc.
The previous Chief Operating Officer, Steven Armstrong, will return to Ford of Europe, based in Cologne.
All changes communicated above are effective as of 5 October 2010.
Please check "Additional information" to find an organisation chart.
For further questions, please contact Olle Axelson, SVP Public Affairs, Volvo Car Corporation.
Telephone +46 708 209000 or +46 31 592600
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