Stefan Jacoby has stepped down from his post as the Chief Executive Officer of Volvo Car Corporation.

In a press release, the Board of Directors of the Volvo Car Group reached an “amicable agreement” with Stefan Jacoby. Jacoby will leave Volvo Car Group and will be replaced by Hakan Samuelsson.

Volvo has had a rocky few years, after being sold by their former parent, the Ford Motor Company, to Zhiejang Geely Automotive Group; the parent of Geely Automobile. The company's products have had a steady decline in demand, and resulted in a loss of about USD 38 million in the first half of 2012, compared to a profit of about USD 182 million from the same period in 2011.

Hakan Samuelsson was the CEO of truck manufacturer MAN SE from 2005 to 2009. Since 2010, he has been on the board of Volvo Car Group.

The press release, which directly quotes the majority shareholder and Chairman of the Board, Mr. Li Shufu, states that the Chairman is “convinced that Hakan Samuelsson's thorough experience and leadership will help us increase performance.”

"My time on the Board has provided me with insight in the Volvo brand and the company. My focus will be on execution and performance, to secure profitability and meet our sales objectives. No other business is as demanding, complex and full of challenges as the automotive industry. I look forward to leading Volvo Car Group in the most exciting period of its history," says Håkan Samuelsson."