According to COMvergence, Volvo spent $448.7 million on media globally in 2023.
Asia-Pacific growth is expected to be in line with the global average at +5.8%.
Social media users have criticised the brand's use of AI in its 'Holidays are coming' ad.
Kelly's exit follows that of founder Ajaz Ahmed in October.
Waters will remain with the business until January 2025 to ensure a smooth transition.
The review encompasses all its agencies, bar creative.
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