Volvo Cars names Škoda boss Klaus Zellmer as next CEO for a turnaround
Volvo Cars has appointed Klaus Zellmer, current chief executive of Volkswagen's Škoda brand, as its next president and CEO, handing him the task of completing a turnaround at a carmaker whose shares have fallen by around 40% this year.
Swedish automaker Volvo has appointed Škoda CEO Klaus Zellmer as their new long-term leader, set to take over by October 1st, 2027. Current CEO Håkan Samuelsson will remain in the role until the transition is complete. Zellmer, a German executive, has over three decades of experience in the car industry. He has been at the helm of Škoda since 2022, leading the company to become one of Europe's top-selling brands and achieving record deliveries of electric vehicles in the first half of 2026.
Prior to Škoda, Zellmer served on Volkswagen's passenger car management board and spent 20 years at Porsche, handling its German and North American operations.
Eric Li, Volvo's chairman, praised Zellmer's blend of automotive expertise, international leadership experience, and track record of guiding organizations through transformation in a changing market. Zellmer himself acknowledged the magnitude of the task ahead, noting Volvo Cars' ability to reinvent itself over its 100-year history as both an accomplishment and an ongoing challenge.
Zellmer's appointment comes as Volvo navigates a period of change. After nearly a century, the company's ability to reinvent itself repeatedly is a remarkable achievement, but also a constant challenge. Samuelsson returned to Volvo as CEO in April 2025 to stabilize the company, which faced significant challenges due to American tariffs, most of its US-bound cars being manufactured in Europe.
Samuelsson introduced an 18 billion Swedish krona (€1.6bn) cost and cash plan, cutting 3,000 jobs, and abandoning Volvo's plan to go fully electric by 2030.
Last week, Samuelsson outlined the next phase of Volvo's strategy at an investor event in Stockholm. The company aims for an operating margin above 8%, up from just 3.5% in 2025. To achieve this, Volvo plans to introduce a 13-model electrified lineup, split between seven cars for Western markets and six for China, and increase its reliance on majority owner Geely for parts and suppliers.
Samuelsson emphasized that one global car cannot suffice, and significant adaptations are necessary beyond just different colors or trims. With a limited pool of candidates who understand Swedish culture, Samuelsson sought a successor from within the industry who shares his background; Zellmer's experience at Porsche and Volkswagen, combining premium and high-volume expertise, makes him a strong fit for the role.
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