Report: Geely hires Volkswagen’s North American CEO to lead Volvo

Stefan Jacoby with Katy Perry at the 2011 Volkswagen Jetta launch

Volkswagen’s North American CEO Stefan Jacoby has been hired by China’s Zxhejiang Geely to head up its newly purchased Volvo brand, according to reports coming out of Germany. Jacoby will replace Briton Stephen Odell, who will leave Volvo to become the head of Ford’s European operations, Frankfurter Allgemeine Zeitung reported.

Volkswagen and Jacoby were not immediately available to comment.

Geely has cashed out a total of $1.8 billion to buy Volvo and its related assets from FoMoCo. The amount will be paid in the form of a note in the amount of $200 million and the remainder in cash.

– By: Stephen Calogera

Source: Reuters