AB Volvo chairman Carl-Henric Svanberg credited departing president and CEO Olof Persson (pictured), who has headed the group for almost four years, "with energy and determination [carrying] out an extensive change of the Volvo Group focused on commercial vehicles"

AB Volvo chairman Carl-Henric Svanberg credited departing president and CEO Olof Persson (pictured), who has headed the group for almost four years, "with energy and determination [carrying] out an extensive change of the Volvo Group focused on commercial vehicles"

AB Volvo's board has named Martin Lundstedt, 47, as the president and chief executive officer of the Volvo Group. Lundstedt will take up his new role in October 2015.

He was most recently president and CEO of the Scania Group. Group chief CFO Jan Gurander will be acting president and CEO in the interim starting today (22 April).

"After three years of focus on product renewal, internal efficiency and restructuring, the Volvo Group is gradually entering a new phase with an intensified focus on growth and increased profitability. This will be achieved by further building on our leading brands, strong assets and engaged and skilled employees all over the world“, said AB Volvo chairman Carl-Henric Svanberg.

"Martin Lundstedt has 25 years of experience from development, production and sales within the commercial vehicle industry. He is also known for his winning leadership style."

Lundstedt will replace Olof Persson who has headed the group for almost four years.

"Persson has with energy and determination carried out an extensive change of the Volvo Group," said Svanberg. "He has focused Volvo on commercial vehicles and sold unrelated businesses and assets to a value of over SEK20bn. He introduced a functional organisation and paved the way for cost savings of SEK10bn. He also concluded the agreement with one of China’s largest truck manufacturers, Dongfeng and led the company during the largest product renewal in the group’s history. Today the group is considerably better positioned to compete for leadership in our industry."

Lundstedt has spent his career at Scania. He joined in 1992 as a trainee and has held a number of executive positions.