Volvo Poaches New CEO From VW - TheStreet


NEW YORK (TheStreet) -- Volvo is a trending topic on Yahoo! Friday following reports saying that Volkswagen's head of North America division has been poached by the former to head it.

According to

Reuters

, Stefan Jacoby, Volkswagen America's chief executive, has been hired by

Ford's

(F) - Get Report

premium carmaker Volvo to become its new CEO, as the unit is sold to China's Zhejiang Geely, parent of Geely Automobile.

As news about the job opportunity surfaced, the German automaker said it would temporarily replace Jacoby with the U.S. division's CFO, Michael Lohscheller, and chief operating officer, Mark Barnes, until Jacoby's contractual negotiations with the company achieves more clarity.

By 2012, Volkswagen wants to double its U.S. market share to 4%.

Zhejiang Geely meanwhile, is pushing for third-quarter completion of the takeover of the Swedish brand, and aims to sell 150,000 Volvo cars in China by 2015, according to media reports.

As part of this goal, the company reportedly wants to produce Volvo XC60 SUVs in China later in the year and Volvo S60s next year.

Ford shares have fallen 1.2% to $10.65 shortly after Friday's opening bell, while Volkswagen over-the- counter American Depository Receipts are unchanged at $17.73.

-- Reported by Andrea Tse in New York

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