Olof Persson, currently president of Volvo Construction Equipment and former president of Volvo Aero, will take the reins of parent firm AB Volvo as president & CEO, effective Sept. 1st. On that date, the current chief executive, Leif Johansson, will retire as planned.
Until then, Persson, 46, will serve as executive vp & deputy CEO, and will work alongside Johansson to ensure a smooth transition, the company noted.
Louis Schweitzer, chairman of AB Volvo, said Persson was selected to be the next CEO in part due to his experience in managing large global organizations and to his success while presiding over two Volvo subsidiaries.
“Persson [served] at Volvo Construction Equipment in the midst of the financial crisis, succeeding in restructuring the company and making it one of the most successful in its industry, in terms of both profitability and size,” Schweitzer noted. “This was no small achievement.”
