Hakan Karlsson New President of Volvo Buses


GOTEBORG, Sweden, April 14, 2003 (PRIMEZONE) -- Hakan Karlsson, 41, will assume the position of president of Volvo Bus Corporation on June 1 and will become a member of the Group Executive Committee. He succeeds Jan Engstrom who will assume another position within the Volvo Group (Nasdaq:VOLVY) (Other OTC:VOLVF) (Other OTC:VOLAFK) that will be announced later. Hakan Karlsson is currently president of Volvo Logistics, a Group-wide unit responsible for transportation and logistics.

"Jan Engstrom has done a great job and has worked hard with restructuring Volvo Buses and to reverse the company's earnings trend during a period with weak markets," said Volvo CEO Leif Johansson. "I am convinced that Hakan Karlsson is well suited to taking the baton and continuing with this trend toward improved profitability for Volvo's bus operations. This also represents the addition of a younger generation in Group Executive Committee."

Hakan Karlsson has worked in Volvo since 1986 and has previously held senior positions within Volvo, including head of production for Volvo Trucks in Goteborg.


For further information contact Marten Wikforss, tel +46 705-591149

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