Volvo, vying for global dominance with Germany’s Daimler and VW’s truck brands, also released better than expected quarterly earnings two days ahead of schedule and said it would seek an external partner for parts of its IT business.Mr Persson had led a restructuring programme aimed at cutting 10-billion Swedish crowns ($1.2bn) in costs and boosting profitability to the level of more nimble rivals such as Scania.But with the scheme having less than a year left to run and margins still below their level before it was launched, pressure on Mr Persson from top owners such as activist fund Cevian Capital had been building."The action programme that Persson initiated seems to be biting and he should get credibility for that," Christer Gardell, managing partner at Cevian, Volvo’s second-biggest owner by votes, told Reuters."But at the same time we support the board’s decision to appoint Martin Lundstedt, who is widely recognised as one of the best leaders in the trucking world. Now he has...
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