Volvo Chief Executive Peter Kaplan apologized Friday for a decade-long practice of financial domination of the U.S. auto industry, and vowed to “do better.”
In a written statement, Kaplan said that while he “can’t control the behavior of other companies,” he did not “take anything for granted and I will never let anyone ever take anything for free.”
“Volvo has always been a pioneer in creating value and helping customers make better decisions about their transportation and other assets,” Kaplan wrote.
“I am committed to creating a stronger, more efficient and more sustainable company, and I hope that our actions today will serve to demonstrate that to our partners, employees and shareholders.”
Kaplan said the company has made significant changes over the past five years and is committed to making “significant improvements in the next five years.”
Volvo CEO Peter Kaplas statement on CEO Peter Kaup’s apology to shareholders.
pic.twitter.com/nB3w0VjQyI — John Wagner (@Wagner_J) October 28, 2019 Kaplan also wrote that “it’s important to remember that our industry is diverse and that our diversity is not the result of any one individual’s efforts.
Our success is due to the combined efforts of many individuals and groups working together to help us grow.”
Volva has not said how many employees are affected by the changes.
Kaplan and company officials said in the statement that he is “committed to making significant improvements in our leadership, culture and customer service capabilities, as well as in our financial reporting practices and compliance processes, as we take a long-term approach to creating value.”
Volvo’s financials have been under intense scrutiny in recent years.
The company has been hit with more than $2 billion in federal fines and $8.5 billion in civil penalties.
The largest U.N. tribunal ruling against the auto company came in 2016, when the World Bank and the U: United Nations accused the company of using inflated prices to increase profits while driving up fuel costs.
Volvo shares closed up 2.5% at $6.86 Friday.