BP's Svanberg lead candidate for Volvo chair -daily

Tue Jan 11, 2011 6:56am GMT
 

STOCKHOLM Jan 11 (Reuters) - BP (BP.L: Quote) chairman Carl-Henric Svanberg is top candidate to become new chairman at truckmaker Volvo (VOLVb.ST: Quote), while Volvo's outgoing CEO is to become chairman at Ericsson (ERICb.ST: Quote), a newspaper said on Tuesday.

The Dagens Industri business daily quoted its sources as saying that Svanberg was the lead candidate to take over the chairman post at Volvo, though the firm's nomination committee was also to interview a non-Swede for the job.

Svanberg, the former CEO of Ericsson, came in for criticism over the Gulf of Mexico oil spill and had to apologise for referring to those hurt by the spill as "small people".

The newspaper said Volvo would appoint a new chairman as large Swedish shareholders wanted to increase their influence after Renault cut its stake in Volvo in October to 17.5 percent of voting rights.

The current Volvo chairman is Louis Schweitzer, the former CEO of Renault. (RENA.PA: Quote)

At Ericsson, the newspaper said outgoing Volvo chief executive Leif Johansson would become chairman as the choice of large Volvo shareholder Industrivarden. (INDUa.ST: Quote)

The outgoing chairman, Michael Treschow, was the nominee of another major shareholder, Investor AB (INVEb.ST: Quote)

Johansson announced in December that he would step down as Volvo's chief executive after 14 years in the post. (Reporting by Patrick Lannin; Editing by Mike Nesbit)

 
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