Volvo Cars CEO on sick leave after mild stroke

STOCKHOLM, Sept 23 Mon Sep 24, 2012 12:44am IST

STOCKHOLM, Sept 23 (Reuters) - The chief executive of Zhejiang Geely-owned Volvo Cars suffered a mild stroke last week and will take sick leave for the next month, the company said in a statement on Sunday.

Stefan Jacoby, 54, was placed under medical supervision and has already started the recovery process, the firm said.

"I was lucky that it was a mild stroke," Jacoby said in the statement. "I am currently experiencing limited movement abilities in my right arm and, to some extent, also in my right leg. I have started to recuperate and already notice certain improvements."

He said he would focus on resting and exercising with the hope of getting back to work as soon as possible.

Jacoby spent most of his professional career at Volkswagen and has served as head of Volvo Cars since 2010. Jan Gurander, the company's chief financial officer, is serving as acting CEO during Jacoby's absence.

Jacoby said recently that Volvo was struggling to build up its retail operation in China, where annual sales were unlikely to meet a 2015 target.

Volvo cars are currently imported to China from factories overseas, but the company is looking to set up production in the country in the coming years.

Volvo is aiming to sell 200,000 cars a year in China in 2015 as part of a 2020 global sales target of 800,000. It sold almost 450,000 cars worldwide last year. (Reporting by Mia Shanley)

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