Olof Persson appointed new Volvo CEO
The Board of Directors of AB Volvo decided to appoint Olof Persson, 46, then President of Volvo Construction Equipment, as the new President and Chief Executive Officer of Volvo. Olof Persson assumed the position as President of AB Volvo and CEO of the Volvo Group on September 1, 2011 when Leif Johansson retired.
Pat Olney new CEO of Volvo CE
Effective May 1, Pat Olney, 42, was appointed new President and CEO of Volvo Construction Equipment. Pat Olney has an extensive experience spanning 17 years in the construction equipment industry, with 10 of these in senior management roles within Volvo CE. He assumed his new position on May 7, 2011.
Annual General Meeting of AB Volvo
The Annual General Meeting of AB Volvo held on April 6, 2011 approved the Board of Directors’ motion that a dividend of SEK 2.50 per share be paid to the company’s shareholders.
Peter Bijur, Jean-Baptiste Duzan, Leif Johansson, Hanne de Mora, Anders Nyrén, Louis Schweitzer, Ravi Venkatesan, Lars Westerberg and Ying Yeh were reelected as members of the AB Volvo Board. Leif Johansson was reelected for the period extending to August 31, 2011, when he stepped down from his assignment as President and Chief Executive Officer of Volvo. In addition, Olof Persson was elected to the Board for the period starting on September 1, 2011, when he took office as President and Chief Executive Officer of Volvo. Louis Schweitzer was reelected Chairman of the Board.
Jean-Baptiste Duzan, representing Renault s.a.s, Carl-Olof By, representing AB Industrivärden, Håkan Sandberg, representing Svenska Handelsbanken, SHB Pension Fund, SHB Employee Fund, SHB Pensionskassa and Oktogonen, and Lars Förberg, representing Violet Partners LP, and the Chairman of the Board were elected members of the Election Committee. The Meeting resolved that no fees would be payable to the members of the Election Committee.
The Annual General Meeting adopted a proposal from Renault S.A. and Industrivärden concerning an addendum to AB Volvo’s Articles of Association that will permit voluntary conversion of Series A shares to Series B shares. The amendment of the Articles of Association was subject to approval by shareholders representing at least two thirds of the votes cast and the voting rights represented at the Meeting.
Volvo CE invests in its North American operations
Over the next couple of years, Volvo Construction Equipment plans to invest USD 100 M in its Shippensburg, PA, USA manufacturing facility and start production of wheel loaders, excavators and articulated haulers in North America. Also, Volvo CE’s North American sales headquarters and Volvo Rents will relocate from Asheville, NC to Shippensburg, PA by September 2012.