Saab CEO retires as Spyker issues shares

Saab CEO retires as Spyker issues shares
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Saab’s chief executive, Jan Ake Jonsson, has announced he is retiring.

At the same time Spyker Cars, which bought Saab last year from General Motors said it would be selling 5.6 million new shares in the Swedish car maker to finance a turnaround.

Spyker’s boss Victor Muller will temporarily take over as CEO.

Analysts had predicted Spyker would probably need extra capital to restore Saab as a profitable player.

Jonsson, 59, said it was the moment to “spend some time on other things” after almost 40 years with Saab.

Spyker did not reiterate its forecast for Saab sales to reach 80,000 this year and 120,000 in 2012, but only said it was confident the increasing sales momentum of 2010 would “continue to build throughout 2011 and 2012.”

Spyker Cars made a net loss of 39 million euros in the fourth quarter after a 39.9 million euro loss in the preceding three months. The full year was loss-making, as it had predicted in October, and it confirmed 2011 would be loss-making as well.

The group is now completely focused on Saab having sold its sportscar business to Russian banker and businessman Vladimir Antonov.

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