Mr Persson will assume the position as president of AB Volvo and CEO of the Volvo Group on September 1, 2011, when Leif Johansson, as announced previously, retires.

As of May 1, 2011, Mr Persson will become executive vice president and deputy CEO and work parallel with Leif Johansson.

Mr Persson’s successor as president of Volvo Construction Equipment will be announced in the near future.

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.

Louis Schweitzer, chairman of the Volvo board, said: “During his time at Volvo Aero and Volvo Construction Equipment, 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 Persson 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 its industry, in terms of both profitability and size - this was no small achievement.”

Will Mr Persson’s experience benefit the firm?

Have your say and discuss with your peers on the InfoGrok community.

Participate by posting your comments now.