Ford Motor Company has announced the appointment of Stephen Odell as president and chief executive of
Volvo Car Corporation effective October 1.
“Stephen Odell brings to
Volvo a wealth of experience of strong leadership in the automotive industry," said Alan Mulally, president and CEO,
Ford Motor Company.
“Given his strong track record at
Ford, Jaguar and
Mazda, the time is now right for Stephen to take up this new challenge at
Volvo. I believe that Stephen is the right person – together with Lewis Booth and the
Volvo Cars Management Team – to take
Volvo forward and to return the business to sustainable profitability.”
Odell will report to Lewis Booth who is executive vice president of
Ford Motor Company and chairman of
Volvo Car Corporation.
Booth will also continue to oversee the strategic direction of
Volvo, but Odell said he is excited to lead
Volvo at an important time in the company’s history.
“Volvo is one of the great iconic automotive brands,” Odell said.
“We have a restructuring plan in place that will help to deliver a more competitive business and that enables
Volvo to continue to build upon its core strengths.
"Volvo will adopt a more stand-alone approach within
Ford Motor Company, while still leveraging product development and purchasing synergies with other
Ford operations.”
Odell, who was appointed to the position of
Ford of Europe's chief operating officer in April this year, succeeds Frederik Arp.
Arp was at the helm of
Volvo for three years and in that period the manufacturer reduced costs and strengthened its line-up despite a "difficult business environment".
He has decided to leave the company.