It comes shortly after Volvo Cars abandoned its near-term goal of selling only electric vehicles, citing a need to be "pragmatic and flexible."

The company is implementing organizational changes to increase simplicity, speed and collaboration and reduce complexity on the commercial side of the business.

Volvo Cars said on Wednesday its deputy CEO Bjorn Annwall will leave the group as part of a reorganisation designed to increase simplicity, speed and collaboration and reduce complexity in the organisation.

Swedish car manufacturer Volvo Cars has announced an organisational change to its top management to increase speed and reduce complexity. The most high-ranking personnel change is CCO and Deputy CEO Björn Annwall stepping down.

Bjorn Annwall's departure comes after Volvo lowered its online sales goal and quit the car subscriptions business.