Review of China auto industry
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Geely's Volvo buyout
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Chairman of Zhejiang Geely Holding Group Li Shufu hugs Ford's Chief Financial Officer Lewis Booth attend the signing ceremony on March 28, 2010. [Xinhua] |
China's major indigenous brand Geely completed its $1.8-billion acquisition of Swedish premium carmaker Volvo from Ford Motor Co in August after two years of negotiations, marking the biggest overseas merger yet by a Chinese auto company.
Geely then named Stefan Jacoby, former CEO of Volkswagen Group in America, the new chief of Volvo.
The new Volvo board is headed by Geely Chairman Li Shufu and has several new directors including Volvo's former president and chief executive Hans-Olov Olsson as vice-chairman.
Geely has also reshuffled Volvo's China management. Volvo retains its headquarters and manufacturing presence in Sweden and Belgium. Its management has the autonomy to execute its business plan under strategic direction from the board.
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