After almost 14 years as President and CEO of Volvo, Leif Johansson has informed the Board of AB Volvo of his intention to resign in conjunction with his 60th birthday next summer.

"My years at Volvo have been a fantastic period in my life and this is by no means a light-hearted decision, but at some point it's time to leave," says Johansson. "The timing is good both with respect to my personal situation and with respect to the more stable situation for the company."

In conjunction with his resignation, Johansson will also leave the Board of AB Volvo.

"Leif has done an impressive job during his years at Volvo and although I regret his decision I have full respect for it given his many years of hard work", says Louis Schweitzer, chairman of the Board of Volvo. "The Board will now focus on finding his successor."

Johansson will turn 60 in August 2011 and has been the CEO and President of Volvo since 1997. In addition to his assignments as CEO and member of the Volvo Board, he holds a number of senior positions with other companies and organizations -- among them, as a member of the boards of Bristol Myers Squibb and SCA. He is currently also chairman of the European Round Table of Industrialists.

His decision to leave as CEO and President of Volvo is 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" says Leif Johansson.

"Given the tremendous job Leif Johansson has done in transforming the Volvo Group into a truly global and leading player within the commercial vehicle industry, I would have liked to see him stay on his post for a little longer, but I obviously have to respect his decision", Louis Schweitzer says.