News
  • Li Shufu to Become Chairman of the Board at Volvo Car Corporation

    2010-07-15
    Mr. Li Shufu, chairman Zhejiang Geely Holding Group Company Ltd
    Mr. Li Shufu, chairman Zhejiang Geely Holding Group Company Ltd at a press conference March 28, 2010, after signing the stock purchase agreement, that Zhejiang Geely Holding Group Company Ltd will purchase Volvo Cars from Ford Motor Company. The deal is planned to be completed in Q3, 2010.

    Li Shufu to Become Chairman of the Board at Volvo Car Corporation

    Hans-Olov Olsson Named Vice-Chairman

     

    Zhejiang Geely Holding Group Co., Ltd. ("Zhejiang Geely Holding Group"), one of the fastest-growing car manufacturers in China, today announced the top positions in the new board of directors Volvo Car Corporation pending completion of the acquisition of the company from Ford Motor Company.

    The deal is anticipated to be completed within Q3 2010.

     

     

    This is the press release from Zhejiang Geely Holding Group Co., Ltd:

     

    Li Shufu to Become Chairman of the Board at Volvo Car Corporation

     

    Hans-Olov Olsson Named Vice-Chairman

     

     

     

    Hangzhou, China / Gothenburg, Sweden - 15 July, 2010 - Zhejiang Geely Holding Group Co., Ltd. ("Zhejiang Geely Holding Group"), one of the fastest-growing car manufacturers in China, today announced that Li Shufu, its Chairman, will become Chairman of the Board at Volvo Car Corporation ("Volvo Cars"), pending completion of the acquisition of the company from Ford Motor Company.

    Geely also named Hans-Olov Olsson as Vice-Chairman at Volvo Cars. Mr Olsson is a former President and Chief Executive of the Swedish car maker.

     

    Li Shufu said: "We have made significant progress in assembling the team that will develop Volvo Cars under Geely's ownership. Today's board appointments underline my personal commitment to this famous company."

    The announcement follows the separate disclosure by Ford Motor Company that Stephen Odell, currently CEO of Volvo Cars, will become Chairman and CEO of Ford of Europe.

     

    Ford also named Stuart Rowley, Chief Financial Officer of Volvo Cars, as the new chief financial officer, Ford of Europe. Both executives will remain in their current roles until completion of the Volvo Cars transaction.

     

    Under the proposed change of ownership, Volvo Cars will remain headquartered in Gothenburg, Sweden, with management autonomy to execute on its business plan. As part of that business plan, Volvo Cars aims to strengthen its presence in Europe and North America, while exploiting new growth opportunities in China.

    The company also plans to extend its industry-leading position in the fields of vehicle safety, fuel efficiency and environmental technology.

     

    Li Shufu added: "The dual roles of Chairman and Vice-Chairman will combine my own knowledge and network from the Chinese market with Hans-Olov Olsson's extensive international experience from the automotive industry and Volvo Cars."

     

    Further management and board appointments at Volvo Car Corporation, including a new Chief Executive and Chief Financial Officer, will be announced prior to completion.

     

    Chairman Li thanked Mr Odell and Mr Rowley for their contribution to Volvo Cars in recent years, ensuring a sound product and financial platform for the company as it prepares for the next stage of its development.

     

    End

     

    ---


    There is related information to this press release: images, CVs for Mr. Li Shufu and Hans-Olov Olsson as well as the press release from the signing of the stock purchase agreement on March 28, 2010.

     

    For more information please go to Ford Motor Company's and Zhejiang Geely's web sites:

     

    Ford: http://www.media.ford.com/

     

    Contact information Ford:

    Media:

    Mark Truby

    +1.313.323.0539

    mtruby@ford.com

    Equity Investment Community:

    Larry Heck

    +1.313.594.0613

    fordir@ford.com

    Fixed Income Investment Community:

    Dave Dickenson

    +1.313.621.0881

    fixedinc@ford.com

    Shareholder Inquiries:

    +1.800.555.5259 or

    +1.313.845.8540

    stockinf@ford.com

     

    or

     

    Geely: http://www.geely.com/global/media_centre/press_releases.html

     

     

     

    Contact information Geely:

    Mr. YUAN Xiaolin

    Zhejiang Geely Holding Group

    Tel:      +86 (571) 2813-6666

    Mobile: +86 1371-806-4551

    Email:  ma@geely.com

    Mr. NING Shuyong
    Zhejiang Geely Holding Group
    Tel:        +86 (571) 2813-6868
    Mobile:  +86 1860-122-8557
    Email:    ningsy@geely.com

     

     

     

    Mr. Tim Burt

    Brunswick Group LLP

    Tel:      +44 (20) 7396-7497

    Mobile: +44 (7834) 502-497

    Email:   geely@brunswickgroup.com

     

    Mr. Anders Fogel

    Brunswick Group LLP

    Tel:      +46 (8) 4103-2181

    Mobile: +46 (709) 627-842

    Email:   geely@brunswickgroup.com

     

    Zhejiang Geely Holding Group Co. Ltd.

    No. 1760 Jiangling Road,

    BinjiangDistrict, Hangzhou,

    Zhejiang Province,

    People's Republic of China

    Tel:+86 (571) 2800-1111

    Fax:+86 (571) 8776-6217

     

    Media Enquiries

    Tel: +86 (571) 8776-6209

    Email: pr@geely.com

     

     

     

    Contact information Volvo Car Corporation:

    SVP Olle Axelson, Public Affairs

    Tel: +46-31-59 26 00

     

    or

     

    Press Spokesman Per-Åke Fröberg

    Tel: +46 31 59 65 25

    Hans-Olov Olsson Named Vice-Chairman
    Back