Cars

Carmaker Volvo poaches VW executive as CEO

(Agencies)
Updated: 2010-06-25 11:43

FRANKFURT - Premium-car maker Volvo, which Ford is selling to China's Zhejiang Geely, has hired the head of Volkswagen's  North America business as its chief executive, a German newspaper reported.

Stefan Jacoby, chief executive of Volkswagen Group of America, is to replace Briton Stephen Odell at the helm of Volvo in August, Frankfurter Allgemeine Zeitung reported, citing unspecified sources.

Odell is to become head of Ford's European operations, the paper said.

Stefan Jacoby, chief executive of Volkswagen Group of America

Volkswagen said it had replaced Jacoby as head of its US operations on an interim basis "until (his) contractual situation has been clarified."

"We are holding contract talks with Stefan Jacoby," VW said in a statement. "These talks have by no means concluded yet."

Related readings:  Volvo needs to get out of the red first: Geely chairman  Volvo S60's Asian premiere  Honda, Volvo plan green car launches in China  Volvo S60

The automaker, which is aiming to double its share of the US market to 4 percent by 2012, said Michael Lohscheller would take Jacoby's responsibilities for VW Group of America on an interim basis.

Lohscheller, a VW executive vice president, has had responsibility for managing the financial side of VW's US operations since 2007.

Jacoby took charge of VW's US operations in 2007 and led a drive to build up the automaker's brand under the "Das Auto" tagline and to improve profitability for its roughly 600 dealers. VW is also in the process of completing a new factory in Chattanooga, Tennessee that will build a new mid-size sedan.

Jacoby could not be immediately reached for comment.