2010-07-16 15:55

Li Shufu

Automaker Zhejiang Geely said board chairman Li Shufu will also be chairman of Swedish carmaker Volvo Cars, which the Chinese group is buying from Ford Motor Co for $1.8 billion.

Zhejiang Geely Holding Group, China's largest private carmaker and parent of Geely Automobile, said a chief executive for loss-making Volvo would be named before the closure of the takeover, expected in the third quarter.

It named Hans-Olov Olsson, a former chief executive at Volvo Cars, as deputy chairman.

Geely said it aimed to boost its presence in Europe and North America and seek new growth opportunities in China.

Volvo is China's biggest overseas auto purchase.

Ford said earlier on Thursday current Volvo CEO Stephen Odell would head Ford Europe.

A German newspaper had reported in June that the head of Volkswagen's North America business would become the chief executive at Volvo Cars.