Changes in Volvo's Group Management

Changes in Volvo's Group Management The current president of Volvo Trucks, Jorma Halonen, 55, will assume the position of Executive Vice President and Deputy CEO of the Volvo Group as of November 1, 2004. He will work parallel with Lennart Jeansson - who currently holds this position - through mid-year 2005 at which time Lennart Jeansson, 63, is retiring Effective November 1, the new president of Volvo Trucks will be Staffan Jufors, 52, currently president of Volvo Penta. Staffan Jufors' successor has not yet been appointed. Commenting on the decided changes, Volvo CEO Leif Johansson said: "It is not an easy task to succeed Lennart Jeansson, who has now decided to retire. Through his experience and knowledge, his strong loyalty and skilled negotiating talents, he has been an enormous asset to the company. However, I am convinced that Jorma Halonen has the characteristics and qualities required for this position. The manner in which he managed Volvo Trucks was impressive. Jorma's international experience will also be valuable in his now broadened area of responsibility. Assigning Staffan Jufors to succeed Jorma Halonen and take over the Volvo Group's largest business area was an easy choice. Under Staffan's excellent leadership, Volvo Penta has developed into the most profitable and expansive company within the Volvo Group as well as within the industry." August 20, 2004 For further information, please contact Mårten Wikforss, +46 31 66 11 27 or +46 705 59 11 49 The Volvo Group is one of the world's leading manufacturers of trucks, buses and construction equipment, drive systems for marine and industrial applications, aerospace components and services. The Group also provides complete solutions for financing and service. The Volvo Group, which employs about 76,000 people, has production facilities in 25 countries and sells their products in more than 185 markets. Annual sales of the Volvo Group amount to 18 billion euro. The Volvo Group is a publicly-held company headquartered in Göteborg, Sweden. Volvo shares are listed on the stock exchanges in Stockholm, London and Frankfurt and on NASDAQ in the US. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/08/20/20040820BIT20770/wkr0001.pdf