Volvo Cars has announced the extension of chief executive and president Håkan Samuelsson’s contract to 2022.
The Swedish car manufacturer said in a statement that the contract extension would provide it with management continuity as it continues to transform itself into a global and diversified mobility service provider.
Samuelsson (pictured) said: “I have enjoyed leading this company tremendously so far and I look forward to continuing the transformation of our company.”
Samuelsson became Volvo chief executive in October 2012 and the brand will be looking to continue its upward trajectory under his leadership.
Its new set of long-term ambitions, announced earlier this year, include establishing a leading position in electrification, autonomous drive and new models of car ownership and access.
By the middle of the next decade it expects to generate half of all annual sales from fully electric cars, while one-third of all cars are expected to be autonomous. It also aims to offer half of all cars to customers via subscription.
Volvo Cars anticipates this approach will transform its connection to its customer base and help it establish over five million direct consumer relationships by the middle of next decade.
Samuelsson said: “The industry is changing and so are the expectations of our customers. We need and want to answer those demands.
“Our course for the coming years is to turn our disruptive ambitions into a concrete reality. Our transformation is not over and in the Volvo story there is a lot more to come.”