Volvo CEO and president Håkan Samuelsson will step down from his role in March after nearly a decade, to be replaced by ex-Dyson Group CEO Jim Rowan.
Autocar award winner Samuelsson has been president and CEO of Volvo Cars since October 2012, having previously served for two years on the company board and before that as chairman and CEO of the now defunct commercial vehicle manufacturer MAN SE.
Samuelsson's contract comes to an end in 2022, and Volvo said his successor has been selected after "a thorough and diligent search process to secure the continued strong leadership of Volvo Cars with a CEO who has a strong background in software, digital transformation and innovative consumer products".
When Rowan takes over on 21 March 2022, Samuelsson will leave Volvo's board of management but continue to serve as chairperson of EV performance brand Polestar as it prepares to list on the Nasdaq stock exchange later this year.
He has yet to comment on any future plans beyond that.
Samuelsson said: "I'm pleased to welcome Jim to his new role to continue the great journey Volvo Cars is on.
"I would also like to extend my thanks to all Volvo Cars employees for the incredible progress we have made together in the past 10 years - for not only making Volvo one of the fastest growing and most trusted premium automotive brands but [also] for always innovating and leading with purpose. I wish you all the best for the exciting years to come."
Li Shufu, Volvo chairman and founder of parent company Geely Holding Group, said: "I would like to take this opportunity to sincerely thank Håkan Samuelsson for his commitment and determination over the past ten years at Volvo Cars.