AB Volvo names new president, CEO

AB Volvo’s board of directors appointed Olof Persson, 46, as the president and chief executive officer of Volvo. Persson, who is currently president of Volvo Construction Equipment, will assume the position on Sept. 1 when Leif Johansson retires.

The board of directors reviewed a large number of both internal and external candidates to identify a replacement for Johansson. Persson was chosen due to his experience in managing large global organizations and to his successes as president of two of the Volvo Group’s subsidiaries, among other factors. He began his career at ABB and held executive positions at AdTranz and Bombardier.

Persson will serve as executive vice president as well as deputy CEO until the end of August. His successor as president will be announced soon.