Volvo Cars names Škoda boss Klaus Zellmer as next CEO for a turnaround

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Volvo Cars appointed Klaus Zellmer, the current CEO of Volkswagen's Škoda brand, as its next president and CEO to steer a turnaround. This decision follows a significant drop of about 40% in Volvo’s shares this year.

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.