Volvo to Restructure Global Truck Business
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Volvo AB said it will reorganize its truck business and named a new chief financial officer, Bloomberg reported Tuesday.
The truck division, currently separated into the Volvo, Renault, Mack Trucks 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 changes will be in effect by Jan. 1, Gothenburg, Sweden-based Volvo said in a statement.
The reorganization is Olof Persson’s second major move since taking over as CEO 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, Bloomberg reported.
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, Bloomberg reported.
Staffan Jufors, currently president of the truck business, will retire at the end of the year, Bloomberg said, citing the company.
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