Volvo Names New Chairman

Volvo AB named Carl-Henric Svanberg its new chairman, Bloomberg reported Monday.

Svanberg, who has been chairman of oil company BP Plc since January 2010, succeeds Louis Schweitzer, 69, the former chief of Volvo’s biggest shareholder, Renault SA, who declined re-election, Volvo said in a statement.

Svanberg is also former CEO of Stockholm-based electronics maker Ericsson AB.

BP, Europe’s second-biggest oil company, said last week it would be happy for Svanberg to serve at both companies, Bloomberg reported.

Volvo said last month that its reorganization of its truck division would boost its profitability.