Organisational changes in Volvo Construction Equipment North America

Organisational changes in Volvo Construction Equipment North America Mr. Jay Roszell, currently President of Volvo Construction Equipment (Volvo CE) North America, has decided to resign from his position to pursue a long-term ambition of moving to the distribution side of the business. He will assume responsibility for the Alabama, Georgia and Tennessee branches of LB Smith. Mr. Denny Slagle, currently President of LB Smith, will replace Mr. Roszell. He has previously served as CFO as well as SVP Sales and Marketing at Volvo CE North America. Mr. Slagle will be replaced by Mr. Bill Cummins, who has spent the last 12 years as President of Mitchell Distributing Company, the Komatsu distributor in the Carolinas. Two additional appointments are also announced in Volvo CE North America. Mr. Lars-Göran Andersson, currently CFO of Region International within Volvo CE, will take up the position as CFO of Volvo CE North America. He will replace Mr. Paul Torrington who will join LB Smith as CFO. Finally, Mr. Carl Lockwood, previously project leader for the backhoe loader and currently VP of Business Development in Volvo CE Compact Equipment, will move to Asheville and join Volvo CE North America as VP Strategy and Business Development. The changes are effective June 2nd. For further information, please contact: Klas Magnusson Senior Vice President Corporate Communications Volvo Construction Equipment Tel: +32 2 482 5065 Mobile: +32 475 576214 Date: 23 May 2003 ------------------------------------------------------------ This information was brought to you by Waymaker The following files are available for download:

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The Volvo Group is one of the world’s leading manufacturers of trucks, buses, construction equipment and marine and industrial engines. The Group also provides complete solutions for financing and service. The headquarter is located in Gothenburg, Sweden.