Volvo ready to appoint BP’s Svanberg as chairman

Volvo AB, the world’s second-largest maker of commercial vehicles, is expected to appoint BP Plc’s Carl-Henric Svanberg as chairman, according to a person with knowledge of the matter.

Volvo is ready to make an announcement as soon as December 12, the person said, declining to be identified before an official statement is issued. Svanberg would replace Louis Schweitzer, who will turn 70 next year.

BP, where Svanberg has been chairman since January 2010, said earlier this week it would be happy for Svanberg to serve at both companies. The appointment at Gothenburg-based Volvo would mark a return to Sweden for Svanberg, a Swedish national and the former chief executive officer of Ericsson AB.

Svanberg, contracted to work at BP three days a week, attracted criticism in the US after the Gulf of Mexico oil spill last year that cost CEO Tony Hayward his job. After a meeting with President Barack Obama at the White House, he said BP cares about the “little people” affected by the disaster.

A newspaper reported last week that Svanberg was in the running to become Volvo chairman after an agreement between the truckmaker’s two largest shareholders, Renault SA and investment fund Industrivarden AB.

Volvo spokesman Marten Wikforss declined to comment. A BP spokesman also declined to comment.