Olof Persson appointed as new Volvo CEO
President of Volvo Construction Equipment to take over running of Sweden’s largest company
THE board of directors of AB Volvo have announced the appointment Olof Persson, currently president of Volvo Construction Equipment, as the new president and chief executive officer of Volvo.
Mr Persson will assume his new position as president of AB Volvo and CEO of the Volvo Group on 1 September 2011 when current incumbent Leif Johansson retires.
In the meantime, as of 1 May 2011, Mr Persson will become executive vice-president and deputy CEO and will work in parallel with Mr Johansson until the end of August.
Commenting on the appointment, Louis Schweitzer, chairman of the Volvo board, said: ‘Olof Persson has gained the right experience and demonstrated the characteristics that make him highly suited to take over as President of AB Volvo and CEO of the Volvo Group, and replace Leif Johansson who has strategically transformed and grown the Volvo Group while maintaining the core values of the company.
‘Olof has performed remarkably well, first as President of Volvo Aero and then of Volvo Construction Equipment. During his time at Volvo Construction Equipment, in the midst of the financial crisis, he succeeded in restructuring the company and making it one of the most successful in the industry, in terms of both profitability and size – this was no small achievement.’
Mr Persson began his career at ABB and, among other assignments, held a number of executive positions at AdTranz and Bombardier. In conjunction with his appointment as president of Volvo Aero in 2006, he also became a member of Volvo’s Group Executive Committee.
Commenting on his new role, Mr Persson said he was truly looking forward to the task, and that it was both an honour and a challenge to be provided with the opportunity to lead Sweden’s largest company.
Mr Persson’s successor as president of Volvo Construction Equipment will be announced in the near future.
THE board of directors of AB Volvo have announced the appointment Olof Persson, currently president of Volvo Construction Equipment, as the new president and chief executive officer of Volvo.
Mr Persson will assume his new position as president of AB Volvo and CEO of the Volvo Group on 1 September 2011 when current incumbent Leif Johansson retires.
In the meantime, as of 1 May 2011, Mr Persson will become executive vice-president and deputy CEO and will work in parallel with Mr Johansson until the end of August.
Commenting on the appointment, Louis Schweitzer, chairman of the Volvo board, said: ‘Olof Persson has gained the right experience and demonstrated the characteristics that make him highly suited to take over as President of AB Volvo and CEO of the Volvo Group, and replace Leif Johansson who has strategically transformed and grown the Volvo Group while maintaining the core values of the company.
‘Olof has performed remarkably well, first as President of Volvo Aero and then of Volvo Construction Equipment. During his time at Volvo Construction Equipment, in the midst of the financial crisis, he succeeded in restructuring the company and making it one of the most successful in the industry, in terms of both profitability and size – this was no small achievement.’
Mr Persson began his career at ABB and, among other assignments, held a number of executive positions at AdTranz and Bombardier. In conjunction with his appointment as president of Volvo Aero in 2006, he also became a member of Volvo’s Group Executive Committee.
Commenting on his new role, Mr Persson said he was truly looking forward to the task, and that it was both an honour and a challenge to be provided with the opportunity to lead Sweden’s largest company.
Mr Persson’s successor as president of Volvo Construction Equipment will be announced in the near future.
