Geely Chairman Li becomes Chairman of Volvo Cars

Zhejiang Geely Holding Group Co. Chairman Li Shufu will become chairman of Volvo Car Corp., in an expected move that follows the Chinese automaker's takeover of the former unit of Ford Motor Co.

In a statement, Geely also said Hans-Olov Olsson, formerly a chief executive of Volvo, will now become its vice chairman.

"The dual roles of chairman and vice-chairman will combine my own knowledge and network from the Chinese market with Hans-Olov Olsson's extensive international experience from the automotive industry and Volvo Cars," Li said in the statement.

Geely said other board appointments at Volvo, including a new chief executive and chief financial officer, will be announced later.

Geely acquired the struggling Swedish carmaker from Ford earlier this year for $1.8 billion and has said it set aside $900 million in working capital to revive Volvo.