The Board of Directors of the Volvo Car Corporation has appointed Hans-Olov Olsson as president of the company, effective as of 1 July. Mr. Olsson succeeds Tuve Johannesson, who will take up a position as vice chairman of the board. The next four years will be a challenging phase for Volvo Cars. The company will increase volumes from the present 400.000 cars to 600.000 cars by 2004. Customer satisfaction will need to improve substantially, taking the company to the #1 position. One overall goal is for Volvo to be perceived as one of the premium brands.