Olof Persson, 46, currently president of Volvo Construction Equipment, is to be the new president and chief executive officer of the truck unit. 

He will take up the position as president of AB Volvo and CEO of the Volvo Group on September 1 this year when Leif Johansson retires. As of 1 May, Persson will become executive vice president and deputy CEO working in parallel with Johansson.

The AB Volvo board said it considered a large number of both internal and external candidates for some time in its search for a replacement for Johansson. A statement said Persson was chosen “due, among other factors, to his experience in managing large global organisations and to his successes as president of two of the Volvo group’s subsidiaries.”