Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Volvo picks insider Persson as new head

STOCKHOLM, Mar 16 – Volvo Group, the world\’s second-biggest truck-maker, said Wednesday it would appoint the head of its construction equipment unit, Olof Persson, as its new chief executive.

Persson, who will take over the helm on September 1, was widely expected to replace Leif Johansson, who is moving to become the chairman of the board at mobile phone network maker Ericsson.

"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," the company\’s chairman Louis Schweitzer said in a statement.

The Volvo board said it had "reviewed a large number of both internal and external candidates for some time … Persson was chosen due, among other factors, to his experience in managing large global organisations and to his successes as president of two of the Volvo Group\’s subsidiaries."

Persson said "naturally, it is both an honour and a challenge to be provided with the opportunity to lead Sweden\’s largest company … I am truly looking forward to the task."

Volvo\’s largest union, Metall, said it was positive on the appointment.

"We support this. We know him already and think this will be a good thing," Mikael Saellstroem, the head of Metall at Volvo, told TT news agency.

Johansson 59, has been Volvo\’s chief executive since 1997 and refocused the company on heavy vehicles, selling its car business in 1999 to Ford, which in turn sold it to China\’s Geely last year.

Ericsson announced earlier this month that Johansson would be taking over as its chairman.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...