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Carl-Henric Svanberg proposed as Volvo chairman keeping to rest previous speculations

Monday, 12 December 2011
Former Ericsson CEO Carl-Henric Svanberg has been proposed as new Chairman of the vehicle manufacturer Volvo AB as Current Chairman Louis Schweitzer has declined re-election, according to a press release from the committee.


The proposal is in line with last few week’s  media speculation that he would be short listed form the post. A unanimous election committee is said to be behind the proposal.

"Carl-Henric Svanberg has a fifteen-year-old CEO and company board background and is a recognized leader. He has extensive experience as CEO of the world's leading companies with global positions and as chairman of one of the world's largest companies. Carl-Henric Svanberg, together with the other nominees, would create a strong board needed to suit the needs of Volvo's future challenges, "said Committee Chairman Carl-Olof By.

Carl-Henric Svanberg is currently Chairman of the British oil giant BP and director of Ericsson. He has been CEO of Ericsson (2003-2009) and Assa Abloy (1994-2003) and held various management positions within Securitas and ABB.

Shareholders' Association president Günther Mårder believes that the choice of Svanberg was expected.
"It should be noted that Sweden is quite small and that there is limited amount of people with the experience and background that you see that you want a chairman of the board for some of Sweden's largest companies, "he says.

"It is important that a president can put all the time necessary to perform the task adequately. Volvo is arguably still one of Sweden's most important businesses, "said Marder.

Asked if he can still remain in BP while running Volvo, Mårder believes that  one can manage to deal with two major companies, but there comes a time limit when there would’t be enough tine.

Volvo manufactures trucks, buses, construction equipment, drive systems for marine and industrial applications, components for aircraft engines. The company is headquartered in Gothenburg and has nearly 100,000 employees worldwide. It is the largest company in Sweden in terms of turnover, which in 2010 amounted to Skr265 billion.

By comparison, the telecom giant Ericsson's turnover was Skr203 billion. The state-owned energy giant Vattenfall made Skr214 billion.
By Scancomark.se Team

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