Volvo appoints new chief executive

City A.M. Reporter
Car manufacturer Volvo has appointed Hakan Samuelsson as its new chief executive, following Stefan Jacoby's stroke last month.

Samuelsson, who resigned as chief executive of MAN in 2009 amid a bribery scandal, has been an independent member of the Volvo board since 2010. He has assumed executive responsibilities immediately as it became clear Jacoby would not return to his post.

The Chinese-owned automaker cut its European production target this year in response to weak markets, though it sold 436,000 cars worldwide last year. It hopes to sell 800,000 cars globally by 2020, with 200,000 sold in China alone by 2015.