Volkswagen of America Inc. President Stefan Jacoby isn’t out the door just yet, the auto maker says.

Reports from Frankfurter Allgemeine Zeitung in Germany indicate Jacoby will exit VWA to take over the top spot at Volvo Car Corp., replacing Stephen Odell.

The paper says Odell with stay on at Ford Motor Co. following the sale of Volvo to China’s Zhejiang Geely Group Holding Co. Ltd., assuming the top position at Ford of Europe.

But in a statement, VW says it is looking to keep Jacoby on staff.

“We are holding contract talks with Stefan Jacoby,” the auto maker says. “These talks have by no means been concluded yet.

“Until the contractual situation has been clarified, Michael Lohscheller will assume interim responsibility for Volkswagen Group of America and Mark Barnes will assume interim responsibility for Volkswagen of America.”

Lohscheller has served as executive vice president and chief financial officer since 2007. Barnes has been chief operating officer since 2007.