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Volvo replaces CEO, first quarter core profit tops forecast


    STOCKHOLM (Reuters) - Volvo said on Wednesday it had appointed the head of Volkswagen-owned Scania as its new top executive, replacing the embattled Olof Persson who for nearly four years led a sweeping efficiency drive at the global truck maker.

    Sweden's biggest company by sales and top private sector employer also released its first quarter results two days ahead of schedule and said it would look to bring in an external partner for parts of its IT business.

    The truck maker said operating profit excluding one-off items rose to 4.60 billion Swedish crowns ($531.38 million) from a year-ago 2.59 billion, topping a mean forecast of 3.47 billion in Reuters poll of analysts.

    (Reporting by Niklas Pollard and Johannes Hellstrom)