ROCKLEIGH, N.J. -

Volvo Cars of North America has a new president and chief executive officer.

In a move that was effective immediately, Volvo Car Group announced Monday that its new North American chief is Tony Nicolosi, who was most recently president and CEO of Volvo Car Financial Services.

Nicolosi will keep his position as president and CEO at VCFS; a successor will be named later. He has served as acting president for Volvo Cars of North America since October.

“The U.S. market is vital for a strong Volvo Car Group and Tony proved he is a strong and motivated leader who will revitalize our U.S. operation. I am delighted Tony has accepted to lead our U.S. business,” said Alain Visser, senior vice president of marketing, sales and customer service at Volvo Car Group. “The U.S. is our largest market globally; VCNA’s success is vital to a larger transformation taking place at Volvo.”

Nicolosi has been with the automaker since 1987 and was a Certified Public Accountant before his time with Volvo.

His experience includes time on both the car and financial service side of the industry; the retail side has been a strong focus for Nicolosi, the company said.

“The future for Volvo in the U.S. is bright and I'm honored to lead the brand in our largest market,” said Nicolosi.  “My priority is to build momentum with extensively refreshed product range, new four-cylinder Drive-E powertrains and V60 sports wagon. This will give us a great platform for the launch of the much anticipated all-new Volvo XC90.”

Volvo Car Group said the U.S. is its largest market. It moved 61,233 cars last year at its 314 U.S. dealerships. Volvo dealers moved 10,143 certified pre-owned cars here in 2013.