GOTHENBURG, SWEDEN – Volvo Cars U.S. announced it has appointed John Maloney, 50, as the new President of the company, effective immediately.

The automaker said Maloney brings close to 30 years of automotive experience to his new role, most recently coming from a position as Vice President, Marketing and Product Planning at Volvo Cars of North America.

"The U.S. market is vital for the ambitious growth targets we have set for the company. Therefore, I am very happy that John has accepted to lead our U.S. business," said Stefan Jacoby, President and CEO of Volvo Car Corporation.

Maloney joined Volvo Cars of North America in 2000, arriving from Ford Motor Company. He became Vice President Marketing Communications in 2002, and in 2008 Volvo added product planning to his responsibilities. He has been acting President of Volvo Cars of North America since May this year, and he replaces Doug Speck, who has been appointed Senior Vice President of Marketing, Sales and Customer Service at Volvo Car Corporation.

"The future for Volvo in the United States is very bright and I'm honored to lead the brand during this very exciting time. My priority is to build upon the 2011 success and remain focused on delivering sustainable growth driven though our core volume products - the Volvo S60, XC60 and XC90," Maloney said.

The United States is Volvo Car Corporation's biggest market with more than 60,000 sold cars year-to-date 2011 through 315 dealerships throughout the country. Sales this year are up 27 percent versus 2010, mainly driven by the successful Volvo S60, XC60 and XC90 models.