BP's Svanberg proposed as Volvo chairman

The Swedish chairman of British Petroleum (BP), Carl-Henrik Svanberg has been nominated to become the head of the board of AB Volvo. The nomination was announced on Monday, but has been rumoured for a while.

According to the nomination committee Svanberg is "recognized as a highly skilled leader" and "has long and profound experience as president of world-leading companies."

Svanberg plans to stay on at the oil group, even if he takes the same position at the Swedish firm, but will resign from his position at the board of the telecom company Ericsson.

Svanberg has been the chairman of BP since 2010. After a massive BP oil spill in the Gulf of Mexico, he was forced to apologise for referring to those hurt as "little people".

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