Geely Buys Volvo — Stefan Jacoby Is The New CEO

Zhejiang Geely Holding Group Co. has finally finalized their purchase of Volvo Cars from Ford. The $1.8bn dollar deal was completed when Geely paid Ford $1.3 billion in cash and issued a promissory note for an additional $200 million.

The remainder of the amount will be paid later in the year.

With the change in ownership, Stefan Jacoby — ex-head of VW of America — will become the CEO of Volvo Cars as he replaces Stephen Odell who decided to stay with Ford as he was promoted to head Ford of Europe.

Jacoby will need to work hard as Volvo has not received profit since 2005, and he’d need to grow the brand in Europe, American and China.