Volvo Cars names Skoda CEO Klaus Zellmer as next president and chief executive

Volvo Cars, the Swedish automaker, announced on Sunday that Klaus Zellmer, CEO of Volkswagen's Skoda brand, will become its next president and CEO no later than October 1, 2027. Current CEO Hakan Samuelsson will stay until then to oversee the handover. Zellmer, a German executive with over 30 years in the industry, led Skoda to record results in 2025. Volvo's shares have fallen about 40% this year amid US tariffs and declining sales. Samuelsson, who returned in April 2025, launched a cost-cutting plan and targets an operating margin above 8%.