Volvo president and CEO resigns

Volvo president and CEO Leif Johansson has informed the company's board that he will retire in August next year after almost 14 years at the helm.

Chairman of the board Louis Schweitzer said that during Mr Johansson's tenure, Volvo had transformed into a "truly global player".

"I would have liked to see him stay on his post for a little longer, but I obviously have to respect his decision," Mr Schweitzer said.

Mr Johansson turns 60 in August 2011, and said his decision to retire from Volvo was not based on a desire to move on to a CEO position in a different company.

"I have been CEO and president of public companies for 20 years now and have no intention to move on to a CEO position elsewhere, but I might consider new board assignments," Mr Johansson said.