After nearly 14 years as president and CEO of Volvo, Leif Johansson this week informed the board of AB Volvo of his intention to resign in conjunction 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,” said Leif Johansson. “The timing is good both with respect to my personal situation and with respect to the more stable situation for the company.”
In conjunction with his resignation Johansson will also leave the board of AB Volvo.
“Leif Johansson has done an impressive job during his years at Volvo and although I regret his decision I have full respect for it given his many years of hard work,” said Louis Schweitzer, chairman of the board of Volvo. “The board will now focus on finding his successor.”
His decision to leave as CEO and president of Volvo is not based on a desire to move on to a CEO position in a different company, Johansson said. “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.”
Johansson has been the CEO and president of Volvo since 1997. In addition to his assignments as CEO and member of the Volvo board he holds a number of other senior positions with companies as well as organizations, including being a member of the boards of Bristol Myers Squibb and SCA. He is currently also chairman of the European Round Table of Industrialists.
The Volvo Group, Göteborg, Sweden, is a leading manufacturer of trucks, buses and construction equipment, drive systems for marine and industrial applications, and aerospace components.