• Sweden edition
 
AB Volvo CEO to resign next summer

AB Volvo CEO to resign next summer

Published: 08 Dec 2010 15:50 GMT+01:00
Updated: 08 Dec 2010 15:50 GMT+01:00

After almost 14 years as president and CEO of AB Volvo, Leif Johansson announced his intention on Wednesday to resign in conjunction with his 60th birthday next summer.

"My years at Volvo have been a fantastic period in my life and this is by no means a light-hearted decision, but at some point, it's time to leave. The timing is good both with respect to my personal situation and with respect to the more stable situation for the company," Johansson said in a statement.

In conjunction with his resignation, Johansson will also leave the board of AB Volvo.

"I made this announcement today because I wanted to give the Board ample time to arrange with an orderly replacement process," he said.

Johansson's decision to leave as CEO and President of Volvo is not based on a desire to move on to a CEO position in a different company.

"I have been CEO and president of public companies for 20 years now and have no intention to move on to a CEO position elsewhere, but I might consider new board assignments," he said.

Johansson turns 60 in August 2011 and has served as president and CEO since 1997. He is currently the chairman of the European Round Table of Industrialists and sits on the boards of pharmaceutical firm Bristol-Myers Squibb and Swedish consumer goods and pulp and paper manufacturer SCA.

"Given the tremendous job Leif Johansson has done in transforming the Volvo Group into a truly global and leading player within the commercial vehicle industry, I would have liked to see him stay on his post for a little longer, but I obviously have to respect his decision," said Chairman Louis Schweitzer.

AB Volvo manufactures commercial vehicles, including trucks, buses and construction equipment. It also supplies marine and industrial drive systems, aerospace components and financial services.

In 1999, Volvo sold its automotive division Volvo Cars to Ford Motor for $6.45 billion (44.61 billion kronor). The two companies shared the Volvo trademark on heavy vehicles and cars.

In 2008, Ford announced its intention to sell its interest in Volvo Cars, with the parent of Chinese auto manufacturer Geely Automobile scooping up the brand for $1.8 billion last year.

Vivian Tse (vivian.tse@thelocal.se)

Don't miss...X
Left Right

Your comments about this article

16:43 December 8, 2010 by JaneSpotting
Dear Mr. Johannson, if you are reading this do celebrate yr retirement by shipping me a Volvo. In Canada we have few, and they are way out of Canadian price range. Make my dream come true. My fav's Volvo C series or S, sedan series. Tak!
22:43 December 8, 2010 by jazzIIIlove
Dear Mr. Johannson, if you are reading this do celebrate yr retirement by shipping me and Jane a Volvo. In Sweden, everybody has except for me and they are way out of my price range. Make my dream come true. My fav's Volvo C series or S, sedan series too. Tack!
16:54 December 10, 2010 by mojofat
So how long before they start cranking out cheap Volvo knockoffs in China? My guess is 2-3 years...if a new chinese CEO is appointed, it could be within the year.
22:16 December 10, 2010 by Horace
@mojofat

Geely owns Volvo cars, not AB Volvo.

AB Volvo and Volvo cars are separate companies, as far as I understand
Today's headlines
Florida 'mystery knight' dies in Sweden
Michael Boatwright (R) and Medieval knight re-enactors.

Florida 'mystery knight' dies in Sweden

The "motel mystery" American who baffled US authorities by only speaking Swedish when he woke up from a coma last year has passed away, Swedish media reported on Wednesday. READ () »

Swedes open coffin of 850-year-old king
Photo: Bertil Ericson/TT

Swedes open coffin of 850-year-old king

UPDATED: Scientists pried open the 850-year-old casket of King Erik the Holy on Wednesday, hoping to find out more about the king, his crown, and his eating habits. READ () »

TeliaSonera announces first-quarter profit drop
TeliaSonera CEO Johan Dennelind. File photo: TT

TeliaSonera announces first-quarter profit drop

Stockholm-listed telecom operator TeliaSonera on Wednesday said profits had fallen in the first quarter, but hoped offering customers more data solutions in the future would turn things around. READ () »

'Imperfect EU better than revolting nationalism'
Fredrik Reinfeldt. File photo: TT

'Imperfect EU better than revolting nationalism'

Swedish Prime Minister Fredrik Reinfeldt on Wednesday urged young voters to head to the European parliamentary polls on May 25th "to cure the European disease of nationalism". READ () »

Ericsson quarterly profit defies sluggish sales
Ericsson CEO Hans Vestberg at the first quarter press conference. Photo: TT

Ericsson quarterly profit defies sluggish sales

Swedish telecom giant Ericsson on Wednesday announced a drop in sales but posted a sharp rise in first-quarter profit, which nonetheless fell shy of analyst predictions. READ () »

Fatal Norrköping brawl
Four brothers held as cops fear brawl reprisals
Photo: Johan Nilsson/TT

Four brothers held as cops fear brawl reprisals

Swedish police fear that several people involved in a brawl in eastern Sweden on Monday night may be seeking revenge after two brothers were shot dead. READ () »

Sponsored Article
Beautiful pearls of southeast Sweden
The town of Västervik.

Beautiful pearls of southeast Sweden

Ask a Swede, and they are likely to say that their favourite holiday spot is in the southeast of Sweden. Eastern Småland and Öland offer a smörgåsbord of all the things dearest to the Swedes - from the beloved children's book author Astrid Lindgren to deep forests, long sandy beaches, perfect spots for that all-important 'fika', and a surprising amount of space, peace and quiet. READ () »

Weekend weather to bring summer warmth
Swedes enjoy hot dogs and cherry blossoms in Stockholm's Kungsträdgården. Photo: Jessica Gow/TT

Weekend weather to bring summer warmth

The sun is set to stick around and temperatures could climb into the twenties over the weekend, Swedish meteorologists said on Wednesday READ () »

'Day-care rapist' admits molesting eight kids

'Day-care rapist' admits molesting eight kids

A 21-year-old man confessed on Wednesday to sex crimes against eight children at a day care where he was working as an intern. READ () »

Swedish cops nab man for having big muscles
An unrelated bodybuilder. File photo: Ann Törnkvist

Swedish cops nab man for having big muscles

Police in Sweden's south who hauled a muscular man in for steroid testing have had their knuckles rapped, after it was ruled that big biceps cannot be grounds for narcotics suspicions. READ () »

RECEIVE OUR NEWSLETTER AND ALERTS
TT
Gallery
Inside the 850-year-old king's coffin
Features
Sponsored: South-eastern Sweden offers Öland beaches and more
Gallery
Swedish underwear shop puts staff in front of the camera
Gallery
IN PICTURES: The Local's Property of the Week - Täby
Sponsored: India+Sweden Week - India Unlimited
Features
Sponsored: India+Sweden Week - A film, food, and finance feast
National
University applications rocket to record high
finest.se
Gallery
People-watching April 18-20
TT
Society
Kids in Victorian garb mark Swedish Easter
Shutterstock
National
Swedish MP ordered chemtrail probe
Society
Swedish supermarket Ica pulls contested Easter commercial off air
Kungahuset
Society
Swedish royals set baptism date for princess
finest.se
Gallery
People-watching April 16
Advertisement:
Politics
Who's the prime minister's heir?
Alfie Atkins
Society
Are children's books the key to families integrating in Sweden?
National
'Sweden Dem protests cater to party's martyr image'
National
'Swedish research grants were fantastic, but now it's like Australia'
Society
Only in Sweden: The ten problems you'd never encounter elsewhere
National
Swedes stopped to take my picture, but didn't look me in the eyes
Business & Money
A swipe of the hand replaced cash and cards in Lund
YouTube
Features
Video: Oliver Gee finds out how to embrace The Swedish Hug
TT
National
Abba duo hints at reunion
Private
National
Flash mobs hug it out across Sweden
Finest.se
Gallery
People-watching April 11-13
Stockholm School of Economics
Sponsored Article
Why a bachelor's degree is no longer enough
Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Blog Update: The Diplomatic Dispatch

28 October 15:16

The Green Growth Group Summit »

"Today on the 28 October in Brussels, a large group of key EU Ministers and business people, including UK Secretary of State for Energy and Climate Change Edward Davey, and Swedish Environment Minister Lena Ek, will meet to discuss green growth. They all have a stake in resolving a challenge which, although it is crucial..." READ »

718
jobs available
Swedish Down Town Consulting & Productions
Swedish Down Town Consulting & Productions is an innovative business company which provides valuable assistance with the Swedish Authorities, Swedish language practice and general communications. Call 073-100 47 81 or visit:
www.swedishdowntown.com