Volvo Group has announced that chief executive Olof Persson is stepping down with immediate effect and will be replaced by Scania’s president and CEO Martin Lundstedt.
Lundstedt will take over as Volvo's president and CEO in October: until then, Volvo's group CFO Jan Gurander will be acting chief.
Lundstedt was picked for his "winning leadership style", according to Volvo chairman Carl-Henric Svanberg, who added: "After three years of focus on product renewal, internal efficiency and restructuring, the Volvo Group is gradually entering a new phase with an increased focus on growth and increased profitability.
"Martin Lundstedt has 25 years of experience from development, production and sales within the commercial vehicle industry."
