• Scania: Martin Lundstedt appointed CEO of Scania

Swedish heavy-truck maker Scania said Saturday it has appointed Martin Lundstedt as new President and Chief Executive Officer to replace Leif Östling.

66-year-old Östling has headed Scania since 1994. He will now to become a member of the board of management of German carmaker Volkswagen, Scania's biggest shareholder.

Östling told Reuters on Saturday he expects the European truck market to shrink by about 10 percent this year. His outlook for the European market, Scania's biggest, was in line with the drop forecast by Volvo.

"It's tough still, in general and in Europe," he said. "We gave roughly the same figure as Volvo did for the European market. We haven't changed that (view)," Östling told the newswire.

Martin Lundstedt takes up his new position on 1 September. He was born in 1967, has a Master of Science and is currently Executive Vice President and Head of Franchise and Factory Sales, Scania. He joined the company in 1992 and has held various senior positions including head of Scania’s industrial operations in France from 2001 to 2005 and Senior Vice President, Trucks until 2007, when he assumed his current position.