Bloomberg News

Volvo Reshuffles Its Truck Business, Names New Finance Chief

October 04, 2011

Oct. 4 (Bloomberg) -- Volvo AB, the world’s second-largest producer of heavy-duty vehicles, appointed a new chief financial officer and said it will reorganize its truck business.

The truck division, currently separated into the Volvo, Renault, Mack and UD brands, will now be organized into three geographic segments: North and South America; Europe, the Middle East and Africa; and Asia and the Pacific, the Gothenburg, Sweden-based company said in a statement. The changes will be made by Jan. 1, 2012.

The reorganization is Olof Persson’s second major move since taking over as chief executive officer on Sept. 1. Last month, Volvo said it will set profit goals based on its leading competitors’ performance, marking a shift in focus from growth to profitability.

Anders Osberg, Volvo’s head of treasury, will succeed Mikael Bratt as chief financial officer. Bratt will head a new division that will oversee all production of trucks and engines.

Staffan Jufors, currently president of the truck business, will retire at the end of the year, the company said.

Daimler AG is the largest producer of trucks.

--Editors: Jerrold Colten, Robert Valpuesta

To contact the reporter on this story: Ola Kinnander in Stockholm at okinnander@bloomberg.net

To contact the editor responsible for this story: Chad Thomas at cthomas16@bloomberg.net


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