Volvo selects VW head as CEO

• Source: Global Times
• [17:13 June 25 2010]
• Comments

Volvo has hired Stefan Jacoby, head of Volkswagen's North America business as its chief executive, Frankfurter Allgemeine Zeitung reported, citing unspecified sources.

The German newspaper reported that Jacoby will replace Briton Stephen Odell and take charge of Ford's European business in August.

"We are still under contract talks with Stefan, and conclusions are yet to be achieved." Volkswagen said in its statement.

Michael Lohscheller will take over Jacoby's work on an interim basis and intends to double Volkswagen's market coverage in the US market to four percent by 2012.

Jacoby worked at helm of VW's US operations in 2007 and has committed to building "Das Auto" brand improving profitability of its about 600 dealers since taking office.

Jacoby hasn't made any comment on the matter.