BackVolvo names Martin Lundstedt new CEO to replace Olof Persson
Lundstedt will assume his position in October
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Stockholm: Volvo AB appointed rival Swedish truckmaker Scania AB’s chief executive officer Martin Lundstedt as its new CEO, as the company intensifies its focus on growth and increased profitability.
Lundstedt replaces Olof Persson, who has led Volvo for almost four years, the Gothenburg, Sweden-based company said in a statement Wednesday. Lundstedt will assume his position in October, Volvo said. Jan Gurander, Volvo’s chief financial officer, will be acting president and CEO in the interim.
“After three years of focus on product renewal, internal efficiency and restructuring, the Volvo group is gradually entering a new phase," Volvo chairman Carl-Henric Svanberg said in the statement. “This will be achieved by further building on our leading brands, strong assets and engaged and skilled employees all over the world."
Volvo said net sales in the first quarter rose to 74.8 billion kronor ($8.6 billion) from 65.6 billion kronor. Bloomberg
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