Volvo, the world's number two truck maker, said Wednesday it has hired Martin Lundstedt, CEO of its main rival Scania -- which is owned by Volkswagen -- who will take the reins of its operations in October.

The announcement came as the Swedish group said that its first quarter profits had almost quadrupled to 4.25 billion crowns (457 million euros, $490 million), thanks to strong sales and efficiency gains.