AB Volvo on Friday said its chairman Finn Johnsson is leaving his post, effective immediately, according to Associated Press.
Johnsson will be replaced by Louis Schweitzer, the current chairman of pharmaceutical company AstraZeneca (NYSE: AZN).
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Johnsson, who has been on Volvo's board since 1998 and its chairman since 2004, said he resigned to be able to focus on other duties.
Johnsson said he had initially planned to leave the company at the next annual general meeting on April 14, but decided to hand in his resignation earlier due to Schweitzer’s availability to replace him.
Schweitzer, a former chairman of automaker Renault SA and current boardmember of BNP Paribas, Veolia and L'Oreal, has been on Volvo's board since 2001. At the meeting, shareholders will vote on whether to keep him on as a permanent chairman.
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