“I am convinced that Olof Persson, with his extensive international career, is very well suited to take over the responsibility as president of Volvo CE,” says Volvo CEO, Leif Johansson.

Olof Persson has been with Volvo since 2006 and has previously held executive positions within the Bombardier Group, ABB and the Daimler-Chrysler Group.

“Tony Helsham, who has been in the construction equipment industry for 24 years and the last eight years as president of Volvo Construction Equipment, has done a great job in building Volvo CE to what it is today; the world’s third largest construction equipment manufacturer with a strong global presence – not least in Asia,” Leif Johansson continues. “He will now focus on the growth of soft products in the Volvo Group, a highly prioritized area of growing importance for us.”

Olof Persson’s successor as president of Volvo Aero will be Staffan Zackrisson. He will, as of November 1, also become a member of the Volvo Group Executive Committee.

“Staffan has successfully led Volvo Aero’s expansion of new engine programmes and will, with his long experience in this industry, be an excellent president of Volvo Aero,” says Volvo CEO, Leif Johansson.

September 2008

For further information, please contact:

Bill Law
Director, External Communications
Volvo Construction Equipment
Avenue du Hunderenveld 10
B-1082 Brussels, Belgium
Tel: int + 32 24825021
email: bill.law@volvo.com

Brian O’Sullivan
SE10
Tel: int +44 (0) 77 333 50307
email: osullivan@se10.com