Finland's Wartsila appoints Volvo bus chief as new CEO

FILE PHOTO: Nanyang Technological University (NTU) Singapore President Subra Suresh and Volvo Buses President Hakan Agnevall (R) unveil their first full size autonomous electric bus in Singapore March 5, 2019. REUTERS/Edgar Su/File Photo

STOCKHOLM (Reuters) - Finnish ship technology and power plants maker Wartsila WRT1V.HE said on Wednesday it had appointed the head of Swedish vehicles group AB Volvo's VOLVb.ST bus arm as its new chief executive.

Hakan Agnevall will take over as CEO from Jaakko Eskola, who is set to retire next year, no later than in April 2021, Wartsila said in a statement.

“Hakan has the skills needed to accelerate Wartsila’s activities in supporting and enabling our marine and energy customers on their journey towards more sustainable operations and business models,” Wartsila Chairman Tom Johnstone said.

Agnevall takes over at a uncertain time for many marine-related firms with leisure travel and global trade still affected by the coronavirus pandemic.

In July, Wartsila reported a 27% fall in new orders and said it expected a tough second half of the year.

Reporting by Simon Johnson; editing by Niklas Pollard