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Volvo Ousts CEO Persson to Boost Profit as Pressure Mounts

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Volvo AB, under shareholder pressure to boost profit margins, ousted Olof Persson as chief executive officer, as the world’s second-largest truckmaker seeks to revamp strategy amid tougher competition.

Martin Lundstedt, the top executive at rival truckmaker Scania AB, will succeed Persson in October, the Gothenburg, Sweden-based company said in a statement Wednesday. In the interim, Chief Financial Officer Jan Gurander will take over Persson’s responsibilities as of today. Volvo shares surged the most in more than six years.