Volvo’s financial peace deal with James Bailey Financier could be a game changer for financial industry, as the company faces financial turmoil and is seeking to refocus its operations.
James Bailey was previously Volvo’s head of financial services until he was ousted from the company in 2015.
“It is a historic moment for Volvo, which has been on the wrong end of financial turbulence,” Volvo’s chairman, Dieter Zetsche, told Business Insider on Monday.
“This is the beginning of a new era, and we believe it is the right time to move on.”
The agreement between the two parties could potentially bring Volvo to a point where it can be more competitive with its peers.
The deal could also create a buffer between Volvo and the banking industry, where Volvo has faced a lot of criticism over its financial practices.
Bailey has not commented on the news.
Volvo has had a financial crisis and is currently struggling to turn a profit.
In a statement to Business Insider, Bailey said that he had not been offered a new position and that he would not discuss the deal.
“Volvo will not be announcing a new financial partner until we receive the full information and analysis,” Bailey wrote.
Bailey previously had a long run at the helm of Volvo, including as head of finance for the automaker from 2015 to 2020. “
We expect to reach a conclusion by early February.”
Bailey previously had a long run at the helm of Volvo, including as head of finance for the automaker from 2015 to 2020.
However, the carmaker experienced a financial meltdown and the company has struggled to turn its fortunes around.
In the past year, the automaking company has lost nearly half of its market share.
The company was forced to raise debt from the banks and invest in new vehicles.
As a result, the company’s share price has plunged.