Volvo CEO To Resign

By Anjana

Published: Thursday, December 9, 2010, 14:39 [IST]

The world"s second-largest truckmaker, Volvo's, Chief Executive Officer Leif Johansson will resign from the helm of the CEO position, next summer after leading the Swedish company for 14 years. Leif Johansson, who will turn 60 next year said that he has no plans to take up the CEO position at another company. In a statement Johansson was quoted as saying- "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,"

After taking over as CEO in 1997, Johansson refocused the Volve on heavy vehicles, selling its car business to Ford in 1999 which was subsequently bought by China's Geely this past August. In his 14 years at Volvo, he purchased Renault Trucks in France and Mack Trucks in the U.S. in 2001, Nissan Diesel trucks in Japan in 2006 and Ingersoll-Rand Plc"s road construction machinery unit in 2007.

Johansson will formally resign as CEO and President of Volvo in August 2011.While Volvo is already on a look out for his successor.