Volvo chief Leif Johansson is to leave the company on his 60th birthday next summer.
Louis Schweitzer, chairman of the Board of Volvo, said: “Given the tremendous job Leif Johansson has done in transforming the Volvo Group into a truly global and leading player within the commercial vehicle industry, I would have liked to see him stay on his post for a little longer, but I obviously have to respect his decision.”
Johannson has been president and chief executive of Volvo for almost 14 years. He said: “I made this announcement today because I wanted to give the Board ample time to arrange with an orderly replacement process.
“I have been CEO and president of public companies for 20 years now and have no intention to move on to a CEO position elsewhere, but I might consider new board assignments.”