The board of directors of AB Volvo has named Olof Persson, currently president of Volvo Construction Equipment, president and CEO of Volvo. Persson will assume the position as president of AB Volvo and CEO of the Volvo Group on September 1 when Leif Johansson retires. Beginning May 1, Persson will become executive vice president and deputy CEO, working parallel with Johansson.

“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 and replace Leif Johansson who has strategically transformed and grown the Volvo Group while maintaining the core values of the company,” said Volvo chairman Louis Schweitzer.

“It is both an honor and a challenge to be provided with the opportunity to lead Sweden’s largest company,” said Persson.

The board of AB Volvo reviewed a variety of internal and external candidates to identify a replacement for Johansson. Persson was chosen, among other factors, for his experience in managing large global organizations and his successes as president of two of the group’s subsidiaries.

“Olof Persson has performed remarkably well, first as president of Volvo Aero and then of Volvo Construction Equipment,” added Schweitzer. “During his time at Volvo Construction Equipment in the midst of the financial crisis, he succeeded in restructuring the company and making it one of the most successful in its industry, in terms of both profitability and size — this was no small achievement.”

Persson is a graduate economist and holds a BA from Karlstad University.