There’s an Aussie connection in Stefan Jacoby, just announced as the new global President and Chief Executive Officer of Volvo Cars.

Currently Chief Executive of Volkswagen North America, Mr Jacoby was previously responsible for Volkswagen Asia-Pacific and was instrumental in the German Company’s establishment of a wholly-owned Australian subsidiary, Volkswagen Group Australia, in 2000. He has been a frequent visitor ‘Downunder’.

Mr Jacoby’s appointment to head Volvo comes as the Swedish company’s current owner, Ford Motor Company, completes its sale to China’s Zhejiang Geely Holding Group co., Ltd. Geely paid $US 1.8 billion to purchase Volvo cars.

Volvo and Ford will retain existing component and supply relationships.

Geely Holding Group Chairman, Li Shufu, said: “This is a historic day for Geely, which is extremely proud to have acquired Volvo Cars. This famous Swedish premium brand will remain true to its core values of strength, quality, environmental care and modern Scandinavian design as it strengthens the existing European and North American markets and expands its presence in China and other emerging markets.”