IMPORTANT NEWS: National Electric Vehicle Sweden has agreed to buy the assets of Saab Automobile and the sale is expected to be finalized during the summer.

Wednesday, May 18, 2011

Victor Muller's coming tasks: Find new CEO and get rid of the EIB loan

Tomorrow, at the general meeting of shareholder of Spyker Cars NV, Saab's CEO Jan Åke Jonsson will retire. Chairman of Saab Automobile and CEO of Spyker Cars, Victor Muller, will take on the position as CEO untill a permanent replacement for Jan Åke Jonsson is found.

But Victor Muller acting as CEO is not planned to be for very long. According to Bloomberg News, Victor Muller says that as soon as the deal with Pangda Automobile Trade Co Ltd is completed, his focus will shift to finding a new CEO for Saab. But also to get rid of the loan with the European Investment Bank.

"After the Pangda deal is implemented, my focus is going to be finding a new CEO and getting a commercial loan to take out the EIB. We cannot be dependent on the government or the EIB for whatever we do with the company. We have been paralyzed, we cannot move left or right."

The EIB loan has turned out to be a millstone around Saab's neck. Any changes Spyker Cars and Saab want to make in the ownership structure must be approved by both the EIB and the Swedish Government as long as the EIB loan is there. In addition, the EIB loan is very expensive.

I for one can't wait for Saab to be fully master of its own destiny!

PS: At the general meeting tomorrow Spyker Cars NV will change it's name to Swedish Automobile NV. So as of tomorrow no more association with Spyker Cars.