Recently, Geely Holding Group’s capital operation structure in Europe has recently undergone key adjustments. Geely Swedish Holdings Limited (GSH) recently announced that it has appointed Lone Fønss Schrøder, former vice chairman of Volvo Cars, as the new chairman of the board of directors, replacing founder Li Shufu in the position. Li Shufu will remain on the GSH board of directors and maintain his position as chairman of Volvo Cars.
GSH is wholly owned by Zhejiang Geely Holding Group and is the largest shareholder of Volvo Cars. This personnel change is not limited to GSH but also involves structural changes in Volvo’s board of directors. Among them, Lone Fønss Schrøder and GSH CEO Per Ansgar were nominated and will enter Volvo Cars’ nomination committee; At the same time, Ms. Schrøder stepped down from Volvo’s board with immediate effect.
Lone Fønss Schrøder has been on Volvo’s Board of Directors since 2010 and has held key positions on the Audit Committee (2015-2018) and Vice Chairman of the Board (2018-2024). As Geely’s strategic capital platform in Europe, GSH may accelerate the process of technology mergers and acquisitions and localization of manufacturing in the future. It is reported that Geely is planning to build a new production base in Europe to circumvent potential tariff barriers, and Schrøder’s senior background in the logistics field is expected to effectively promote the optimization and upgrading of the supply chain system.
It is worth noting that GSH is also the leader (largest shareholder) of the luxury electric vehicle brand Polestar, and Li Shufu also firmly holds a controlling stake in Polestar through GSH and personal investment.
Polestar, which has recorded consecutive financial losses, plans to hold a shareholders’ meeting on June 30 to adjust the two directors nominated by Geely, which is interpreted as a clear signal from the group’s integration. Li Shufu has core voting rights on Polestar with his shares in GSH and his personal holdings, showing his determination to strengthen control at key nodes.
This round of senior personnel deployment of Geely Group is an important step in deepening its global management system and optimizing global resource rationing. Since 2023, Li Shufu has led the implementation of the “strategic shift in focus” of Geely Holdings, focusing on strengthening the linkage and synergy between its brands – such as restructuring the brand structure of Zeekr, Geely Automobile and Lynk & Co, and adjusting the management settings of Volvo and Polestar, aiming to alleviate internal competition between brands.
With the adjustment of management in place, Geely’s capital strategic layout in Europe may open a new round of game.
