Press release

Changes in Volvo Group Executive Committee

2008-01-09

Volvo Group

Volvo’s CFO Pär Östberg is assuming responsibility for the Group’s Asian truck operations in conjunction with the retirement of Jorma Halonen on April 1 this year. Halonen’s other duties will be distributed among the other members of the Group Executive Committee. A new CFO to succeed Pär Östberg will be appointed during the first quarter this year after the year-end financial report.

Pär Östberg has worked in Asia for many years, including the role as President of Volvo Treasury Asia. In addition, he has been a member of Nissan Diesel’s Board of Directors and as a former CFO of Renault Trucks, he has been deeply involved in the work to integrate Renault Trucks and Mack in the Group.

“Due to Pär’s experience of Asia and the integration of new acquisitions, he is especially suited to take over responsibility for the Asian truck operations,” says Volvo’s CEO Leif Johansson. “Pär provides an experience and know-how that guarantees continuity in the important work with the growth of the Group in Asia.”

Jorma Halonen’s duties in a number of internal Boards will be assumed by other members of the Group Executive Committee.

January 9, 2008

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

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