Stroke sidelines Volvo Cars CEO Jacoby

Stefan Jacoby, the CEO of Volvo Cars, has suffered a stroke that has forced him to take a leave of absence from running the Swedish automaker.

Stroke sidelines Volvo Cars CEO Jacoby

According to Jacoby, 54, the stroke was “mild” but has nevertheless impaired his ability to move his right arm and leg.

“I was lucky that it was a mild stroke,” Jacoby said in a statement released on Sunday.

“Now I will focus on resting and exercising, in order to get back to work as soon as possible.

According to Volvo Cars’ spokesperson Per-Åke Fröberg, Jacoby suffered the stroke about a week ago.

“The doctors expect him to be back on the job in about a month,” Fröberg told the TT news agency.

He emphasized that Jacoby hasn’t suffered any additional symptoms stemming from the stroke.

“It’s limited to his ability to move, which we believe he’ll be able to recover fairly quickly through exercise,” Fröberg said.

The stroke means Jacoby will miss the upcoming auto show in Paris, which opens for the public on Satuday.

During the time that Jacoby recuperates, Volvo’s CFO Jan Gurander will act as CEO. Jacoby stressed as well that he will remain in “ongoing contact” with the automaker’s board and executive management team.

Jacoby, a German national, assumed the role of CEO in August 2010 when Volvo Cars was purchased by Chinese automaker Geely in August 2010 after having served as head of Volkswagen’s US operations.

TT/The Local/dl

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Sweden’s Volvo Cars may merge with Chinese owner Geely

Sweden's Volvo Cars and its Chinese owner Geely announced on Monday that they are considering merging into a single group in order to share resources, but would preserve their separate brands.

Sweden's Volvo Cars may merge with Chinese owner Geely
File photo of a Volvo test-drive. Photo: Christine Olsson / TT

The merged firm “would have the scale, knowledge and resources to be a leader in the ongoing transformation of the automotive industry,” they said in a statement.

“The combination would preserve the distinct identity of each of the brands Volvo, Geely, Lynk & Co and Polestar,” they added.

Geely bought Volvo in 2010 from Ford which hadn't been able to turn around the Swedish automaker. But under the Chinese firm Volvo has rebounded and smashed its sales records.

Volvo sold more than 705,000 vehicles in 2019, besting the record it set in 2018 by 10 percent, and the automaker expects continued growth this year.

The statement said the firms would create a joint working group to prepare a proposal for the boards of both firms.

“A combined company would have access to the global capital market through Hong Kong and with the intention to subsequently list in Stockholm as well,” it added.

Volvo put off a share listing in 2018 due to tensions in global markets.