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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.”

For further information, please contact Mårten Wikforss, +46 31 66 11 27 or +46 705 59 11 49