Karlsten to Succeed Gigou as President/CEO of Volvo

| April 07, 2005

In October, Peter Karlsten will replace Michel Gigou, president and chief executive officer of Volvo Trucks North America, the company announced.

Karlsten has been president of Volvo Trucks in Brazil since 2001; Gigou became president and CEO of Volvo Trucks North America in 2001. Gigou will continue to serve as chairman of Mack Trucks, which is also owned by Volvo, until the end of 2003.

In Karlsten’s new position, he will report to Volvo Truck Corp. President Jorma Halonen.

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