Volvo Extends CEO’s Contract as It Hits Brakes on IPO

By Anonymous

Geely extends Samuelsson’s tenure, but trade tensions hit IPO plans

BERLIN—Volvo Cars has extended the contract of its chief executive for two years amid growing uncertainties over plans by the company’s Chinese owner to take the Swedish premium car brand public.

Hakan Samuelsson’s contract, which was due to expire in 2020, had now been extended to 2022, Volvo said in a statement. Mr. Samuelsson rose to the car maker’s helm in 2012 as it was faltering following its takeover by China’s Zhejiang Geely Holding, the investment vehicle of Chinese tycoon Li Shufu.