Volvo boss to retire next year
STOCKHOLM, Sweden — Volvo will begin looking for a new leader after president and CEO Leif Johansson announced his retirement for next summer.
Johansson, who will also leave the board of AB Volvo, has been president and CEO of the global vehicle manufacturer since 1997.
He says the retirement coincides with his 60th birthday in August 2011.
"My years at Volvo have been a fantastic period in my life and this is by no means a light-hearted decision, but at some point it’s time to leave," he said. "The timing is good both with respect to my personal situation and with respect to the more stable situation for the company."
Johansson said that he doesn’t intent to take the reigns of a new company, but may consider board appointments elsewhere.
Volvo is a leading truck manufacturer in Europe. In North America it combines with subsidiary Mack for about 16 percent of the class 8 market.
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