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Volvo CEO to Resign Next Summer

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12/8/2010 11:00:00 AM

Volvo AB CEO Leif Johansson will resign from his position next summer, Bloomberg reported Wednesday.

Johansson, 59, has been CEO since 1997. He orchestrated Volvo’s sale of its car making unit in 1999 as well as its acquisitions of Renault Trucks, Mack Trucks, Nissan Diesel and Ingersoll-Rand’s road construction machinery unit, Bloomberg said.

When he resigns, Johansson will not seek another CEO position, Volvo said in a statement, though he may seek positions on other boards.

Volvo will immediately begin searching for a new CEO, it said. Volvo AB is the parent company of Volvo Trucks North America and Mack Trucks.

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Emil Estafanous, CPA, CFF, CGMA