Volvo Deputy CEO Jorma Halonen to Retire

Jorma Halonen, deputy CEO of Volvo will retire on April 1, 2008. His duties in recent years have included responsibility for Volvo’s expansion in Asia.

“I have been considering my situation for some time and came to the conclusion that it is about time to slow my work pace,” said Halonen. “The past few years have been very intensive, involving many trips and time lags, which take their toll physically.”

“Jorma has carried a heavy load and together with committed employees his accomplishments include the transaction with Nissan Diesel in Japan and now most recently the agreement with Eicher in India,” said Leif Johansson, Volvo CEO. “Certainly, there is work remaining, which includes China, but we now have an organization in place that can handle these issues. Although Jorma will leave a void behind him, this can be a favorable time to pass the baton.”

The Volvo Group is a global manufacturer of trucks, buses and construction equipment, drive systems for marine and industrial applications, aerospace components and services. The Group also provides complete solutions for financing and service.

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