Ford Motor Co. Chief Marketing Officer and Volvo Car Chairman Hans-Olov Olsson will retire Jan. 1, the auto maker says.

Olsson, 64, will be succeeded at Volvo by Lewis Booth, 58. In addition to his new responsibilities, Booth will continue in his role as executive vice president-Ford of Europe and Premier Automotive Group.

Ford did not name a new chief marketing officer to succeed Olsson. It is unclear whether Ford will fill that position in the future.

“Hans-Olov’s knowledge of the business and his record of success stand as a testament to his outstanding career,” Ford President and CEO Alan Mulally says.

Olsson’s departure is the latest in what has become a steady exodus of high-ranking Ford executives, including Steve Hamp, vice president and chief of staff; A.J. Wagner, president-Ford Motor Credit Co.; Anne Stevens, executive vice president and chief operating officer-The Americas; and David Szczupak, group vice president, manufacturing-The Americas.