Volvo President and CEO Leif Johansson to resign in the summer of 2011

 

Volvo President and CEO Leif Johansson to resign in the summer of 2011

After almost 14 years as President and CEO of Volvo, Leif Johansson has
informed the Board of AB Volvo of his intention to resign in conjunction
with his 60th birthday next summer.
“My years at Volvo have been a fantastic period in my life and this is
by no means a light-hearted decision, but at some point it's time to
leave”, says Leif Johansson.  “The timing is good both with respect to
my personal situation and with respect to the more stable situation for
the company.”
“Leif Johansson has done an impressive job during his years at Volvo and
although I regret his decision I have full respect for it given his many
years of hard work”, says Louis Schweitzer, chairman of the Board of
Volvo.
“The Board will now focus on finding his successor.”

In conjunction with his resignation Leif Johansson will also leave the
Board of AB Volvo.

“I made this announcement today because I wanted to give the Board ample
time to arrange with an orderly replacement process,” Leif Johansson
says.

His decision to leave as CEO and President of Volvo is not based on a
desire to move on to a CEO position in a different company.

“I have been CEO and president of public companies for 20 years now and
have no intention to move on to a CEO position elsewhere, but I might
consider new board assignments” says Leif Johansson.

Leif Johansson will turn 60 in August 2011 and has been the CEO and
President of Volvo since 1997. In addition to his assignments as CEO and
member of the Volvo Board he is holding a number of other senior
positions with companies as well as organizations, among them that as a
member of the boards of Bristol Myers Squibb and SCA. He is currently
also chairman of the European Round Table of Industrialists.

 “Given the tremendous job Leif Johansson has done in transforming the
Volvo Group into a truly global and leading player within the commercial
vehicle industry, I would have liked to see him stay on his post for a
little longer, but I obviously have to respect his decision”, Louis
Schweitzer says.

December 8, 2010

For reporters who want more information, please contact Mårten Wikforss
+46 31 66 11 27 or +46 705 59 11 49.

Visit http://www.thenewsmarket.com/volvogroup to access
broadcast-standard video from Volvo Group. You can preview and request
video, and choose to receive as a MPEG2 file or by Beta SP tape.
Registration and video is free to the media.

AB Volvo (publ) may be required to disclose the information provided
herein pursuant to the Securities Markets Act and/or the Financial
Instruments Trading Act. The information was submitted for publication
at 14.35 p.m. December 8, 2010.