Volvo ousts chief executive and turns to Scania for new boss

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Volvo's CEO Olof Persson speaks during a news conference in StockholmSweden’s Volvo (VOLVb.ST) named the head of Volkswagen-owned (VOWG_p.DE) Scania as its chief executive on Wednesday, replacing embattled Olof Persson who for nearly four years led a sweeping efficiency drive at the global truck maker. Volvo, vying for global dominance with Germany’s Daimler (DAIGn.DE) and VW’s truck brands, also released better than expected quarterly earnings two days ahead of schedule and said it would seek an external partner for parts of its IT business. Persson had led a restructuring programme aimed at cutting 10 billion Swedish crowns ($1.2 billion) in costs and boosting profitability to the level of more nimble rivals such as Scania. “The action program that Persson initiated seems to be biting and he should get credibility for that,” Christer Gardell, managing partner at Cevian, Volvo’s second-biggest owner by votes, told Reuters.

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