Volvo has announced a surprising leadership shake-up, with Jim Rowan stepping down as CEO after three years at the helm. His successor, however, is no stranger to the role. Håkan Samuelsson, who previously led Volvo from 2012 to 2022, will return for a two-year term while the company searches for a long-term leader.

Volvo Car's abrupt decision to tap Hakan Samuelsson as its CEO puts the car industry veteran back in charge of steering the automaker through U.S. President Donald Trump's tariff turbulence and a wobbly transition to electric cars,

Volvo Car AB said Hakan Samuelsson, who served as its chief executive officer from 2012 to 2022, will retake the helm as the Swedish carmaker tries to navigate its way out of a malaise worsened by looming US tariffs.