Volvo Cars names Stephen Odell new CEO
Volvo Cars has appointed Stephen Odell as its new president and chief executive officer, effective from Oct. 1, the Ford-owned company said on Tuesday.
By Agencies |
STOCKHOLM : Volvo Cars has appointed Stephen Odell as its new president and chief executive officer, effective from Oct. 1, the Ford-owned company said on Tuesday.
Odell will replace Fredrik Arp, who has decided to leave the company, Volvo said in a statement. Goteborg-based Volvo Cars has been struggling against a weak U.S. dollar, rising raw material prices and declining demand.
In June, it gave layoff notices to 1,200 employees in Sweden as part of efforts to reduce costs by around 4 bn kronor (US$662 mn). In the first half of 2008 it reported a loss of about 1.6 billion kronor (US247 bn).
``Fredrik has decided that now is the right time to hand over to a new president and CEO, Stephen Odell, who will lead the Volvo team through the next stage of its recovery,'' Lewis Booth, executive vice president of Ford, said in a statement.
The company said Odell is currently chief operating officer of Ford Europe.
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US-based Ford Motor Co. bought Volvo Cars in 1999.Download
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