Stroke forces Volvo chief executive to take a month off
- 24 September 2012
- From the section Business
The chief executive of the Chinese owned car company Volvo is temporarily standing down from his post for a month, after suffering a mild stroke.
Stefan Jacoby, 54, is handing the reins over to Jan Gurander, the chief financial officer, who will serve as the acting chief executive.
The Zhejiang Geely owned Volvo has admitted that it is struggling to build up its retail operation in China.
Volvo cars are currently imported to China from factories overseas.
Volvo has high hopes that China will account for about a quarter of its global sales by 2020.
Last year the automotive manufacturer sold almost 450,000 cars across the world, but wants that to increase to 800,000 by 2020.
Former VW man
Stefan Jacoby has been the chief executive at Volvo since August 2010, joining the company after being the president and chief executive of Volkswagen's American arm.
"I was lucky that it was a mild stroke," Jacoby said, "I am currently experiencing limited movement abilities in my right arm and, to some extent, also in my right leg."
He is determined to return to work soon. "Now I will focus on resting and exercising, in order to get back to work as soon as possible," he said.
The iconic Swedish car brand was bought in 2010 by the Chinese carmaker Zhejiang Geely Holding Group for $1.8bn, from Ford Motor Company.