The Board of Directors of AB Volvo has decided to appoint Martin Lundstedt (47) as the President and Chief Executive Officer of the Volvo Group – replacing Olof Persson, who steps down with immediate effect. Martin’s most recent role was as President and CEO of the Scania Group, based in Södertälje, Sweden.
Martin Lundstedt will not assume his new position until October 2015 so the Group Chief Financial Officer, Jan Gurander, will be acting President and Chief Executive Officer in the interim, here
As Carl-Henric Svanberg, AB Volvo Chairman of the Board says, “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. This will be achieved by further build on our leading brands, strong assets and engaged and skilled employees all over the world. Martin Lundstedt has 25 years of experience from development, production and sales within the commercial vehicle industry and is also known for his winning leadership style.”
Jan Gurander commented, “I will sit down with the rest of the Group Executive Team already today and tomorrow to make sure we as a team continue with full steam ahead. We will focus on the implementation of our plans, on our customers and all the fantastic work being done to sell our products and we will continue to focus on our ongoing efficiency program. We have no time to waste in our work to close the gap and to secure the long-term competitiveness and success of our company.”
Olof Persson has led the Volvo Group for almost four years following the retirement of Leif Johansson in Sept 2011.
“Olof Persson has carried out an extensive change of the Volvo Group with energy and determination,” says Carl-Henric Svanberg. “He has focused Volvo on commercial vehicles and sold unrelated businesses and assets to a value of over SEK 20 billion (£1.5bn). He has introduced a functional organisation and paved the way for cost savings of SEK 10 billion (£77m). He has also concluded the agreement with Dongfeng – one of China’s largest truck manufacturers – and led the company during the largest product renewal in the Group’s history. Today the Volvo Group is considerably better positioned to compete for leadership in the vehicle industry.”
