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Swedish automaker Volvo Cars on Wednesday announced deputy CEO Björn Annwall will step down from his current role as part of a management reshuffle designed to increase simplicity and collaboration in the organization.

It comes shortly after Volvo Cars abandoned its near-term goal of selling only electric vehicles (EVs), citing a need to be "pragmatic and flexible."

The auto industry currently faces a perfect storm of challenges on the path to full electrification, including a lack of affordable models, a slower-than-anticipated rollout of charging points and the impact of European tariffs on EVs made in China.

"In a rapidly changing world, we need to ensure our organisation is equipped to navigate a more challenging market," Jim Rowan, CEO at Volvo Cars, said in a written statement.

"We are now regrouping our commercial leadership team with a focus on making Volvo Cars even stronger with increased speed and efficiency," he added.

Annwall, who currently serves as the chief commercial officer and deputy CEO of Volvo Cars, will soon step away from his role and support the reorganization of the firm's structure before taking his next step outside of the firm, the company said.

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