Martin Lundstedt take over Volvo – Swedish newspaper Svenska Dagbladet

Scania CEO Martin Lundstedt , 47, takes over as CEO of AB Volvo. He will take up his post in October 2015. According to a press release. Until then takes CFO Jan Gurander over as acting president.

This means that Olof Persson is leaving his position with immediate effect a severance payment of twelve months salary, or 12.2 million, according to the annual report for 2014.

Being a CEO of a major label is fired like this dramatically is not common. Handelsbanken analyst Hampus Engellau’m surprised that it happens so suddenly, two days before the report was actually supposed to be released.

– Partially have enough board has been dissatisfied with the earnings trend. There must be a conflict within the company, otherwise it does not happen so abruptly here, he said.

Martin Lundstedt has spent his entire professional career at Scania. Lundstedt began in 1992 as a trainee after his engineering degree and has since held a variety of management positions.

As the Lundstedt go to a competitor, he has made his last day at Scania. In his contract with Scania includes 6 months of salary, corresponding to “waiting period” before he can begin at Volvo in October.

Carl-Henric Svanberg, AB Volvo’s chairman, comments on the appointment of Lundstedt like this:

– Martin Lundstedt has 25 years of experience in the development, production and sales in the heavy vehicle industry. He is also known for his successful leadership style.

At the same time, Volvo reports their figures for the first quarter, two days too early. The result was better than expected and Hampus Engellau think the shares may rise 6-7 percent on the report.

Sales came in at 74.8 billion crowns, compared with expectations of 72.2 billion according Inquiry Financial . Operating profit was 7.066 billion kronor, compared to expected 5138 according Inquiry Financial.

– The results were significantly better than expected. It includes currency effects, but underlying performance was good, says Engellau.

While it looks grim for Volvo construction equipment, VCE, China. There lowers the company forecast a further and track now that the market will plummet from 30 to 40 percent this year. Previously forecast a decline of up to 15 percent.

Volvo also lowers its forecast for the truck market in Brazil. Where the Company expects a market of 55,000 heavy trucks this year, compared with an earlier forecast of 75 000th

“In South America affected the Brazilian market hit by the weak economic development and tougher regulations in the state-funded subsidization program Finame, “the company said in its report for the first quarter.

The Group has completed its review of Volvo IT and are now looking for an external partner who will run the company’s IT infrastructure .

“Our assessment is that it is more cost effective for the Group,” the company said Jan Gurander in the quarterly report.

“We will retain the application development and maintenance of business critical systems and accelerate efficiency improvements in this part of the business, “he writes.

Footnote: The text is updated.