STOCKHOLM (AP) -- Swedish truck maker AB Volvo has named Olof Persson as its new CEO, replacing outgoing Leif Johansson who is retiring and has been nominated to take the chairmanship of wireless equipment group L.M. Ericsson.
The 46-year-old Persson, 46 is currently the president of the company's Volvo Construction Equipment unit will assume the post on Sept. 1, when Johansson leaves. He will work as a deputy CEO, alongside Johansson, as of May 1.
An economist, Persson has previously held executive posts at AdTranz and Bombardier, and was appointed president of Volvo Aero in 2006.
Volvo's Chairman Louis Schweitzer said Wednesday that Persson "has gained the right experience and demonstrated the characteristics that make him highly suited to take over."