Volvo announced at a press conference this morning that they have appointed Hakan Samuelsson to replace Stefan Jacoby as CEO of the company.

Samuelsson's most recent accomplishment includes serving as CEO and chairman of a Swedish company called MAN Se from 2005 until 2009. In total, Samuelsson has 35 years of experience in the automotive industry according to RTT News.

"My time on the Board has provided me with insight in the Volvo brand and the company, said Samuelsson at the press conference. "My focus will be on execution and performance, to secure profitability and meet our sales objectives. I look forward to leading Volvo Car Group in the most exciting period of its history."

Jacoby served as the company's CEO since 2010 until last month when he suffered a stroke. Jacoby had been on medical leave since then but was expected to return to work shortly after recovering. Volvo claims his health had nothing to do with the decision. 

Volvo officials have already stated that they have many plans to help increase sale numbers and help the company become more of a force in China. The company believes that Samuelsson will help them accomplish these goals due to his knowledge and experience in the industry.

"I see big possibilities for Volvo Cars to improve profitability and increase the pace of growth, not least in China," Chairman Li Shufu said in a press statement.

Volvo was purchased by Ford Motors in 2010 for $1.8 billion in hopes that they could make the company profitable again. 

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