Volvo Cars of North America names Tony Nicolosi as acting president and CEO, replacing John Maloney, who has decided to leave the Swedish automaker.

Nicolosi, 53, will continue in his current role as president and CEO of Volvo’s U.S. finance division. The automaker says a permanent CEO and president will be named at a later date.

“As our largest market globally, Volvo’s (North America) momentum and success in the U.S. is vital to a larger transformation taking place,” says Alain Visser, Volvo senior vice president-marketing, sales and customer service.

Visser says Maloney was asked to consider a position in Europe but turned it down for family reasons.

Volvo also announces that Greg Swetoha, executive vice president-sales operations, has decided to leave the company. No replacement for Swetoha was named.