BP Chairman Svanberg Says He Intends to Remain in His Post

BP Plc (BP/) Chairman Carl-Henric Svanberg said he isn’t considering leaving his position at Europe’s second-biggest oil company after being recommended as chairman at Volvo AB. (VOLVB)

Svanberg, who has been chairman of BP since January 2010, will succeed Louis Schweitzer, a former head of Volvo’s biggest shareholder Renault SA. Svanberg’s appointment will be voted on at Gothenburg, Sweden-based Volvo’s annual shareholders meeting on April 4, the truckmaker said today.

“It’s absolutely my ambition, and as far as I know the board’s wish, that I continue” at BP, he said in a telephone interview. “One of the ideas with board work is that the members can contribute with a perspective from other industries. I think everyone feels it’s fine that I take on something more.”

BP, where Svanberg is contracted to work three days a week, said last week it would be happy for him to serve at both companies. The former chief executive officer of Ericsson AB attracted criticism in the U.S. last year after the Gulf of Mexico oil spill that cost Chief Executive Officer Tony Hayward his job.

To contact the reporter on this story: Ola Kinnander in Stockholm at okinnander@bloomberg.net

To contact the editor responsible for this story: Chad Thomas at cthomas16@bloomberg.net

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