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Volvo proposes BP's Svanberg as new chairman

AP News
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Posted: Dec 12, 2011 7:46 AM
Volvo proposes BP's Svanberg as new chairman

AB Volvo proposed Monday that BP Chairman Carl-Henric Svanberg also becomes chairman of the Swedish truck maker.

The company's nomination committee said Svanberg is "recognized as a highly skilled leader" and "has long and profound experience as president of world-leading companies."

BP spokesman Mark Salt said BP's board fully supports Svanberg's nomination for "this senior appointment in addition to his role at BP."

Svanberg, who was previously the CEO of Ericsson, was criticized for his response to Gulf of Mexico oil spill and for his comment that BP cares "about the small people." He later apologized, saying he spoke clumsily.

Volvo's current chairman, Louis Schweitzer has declined re-election.

The company's nomination committee also proposed the re-election of Volvo's current eight board members.

Shareholders will vote on Svanberg's appointment at Volvo's annual general meeting on April 4.