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.

"At a stage when new visions and new challenges lie ahead of us, it is only natural for Volvo to enhance the car experience, and this is something on which Tuve Johannesson and I are in full agreement," says Wolfgang Reitzle, Volvo Cars' chairman. Tuve Johannesson has been president of Volvo Car Corporation since October 1995. He took office at a time when the company's strategy had been developed, had been adopted by the board, and now had to be implemented, despite a weak economy and results in the red.

"Tuve Johannesson performed admirably in leading the company to solid profitability in spite of the circumstances," Wolfgang Reitzle says. "His experience will be an asset for us even in the future.

"With this as the background, it is now up to Hans-Olov Olsson, together with his associates, to help Volvo Cars realize the objectives we have set," Wolfgang Reitzle continues.

Volvo Car Corporation is part of the Premier Automotive Group (PAG) within the Ford Motor Company; it is the largest company in this group, which is managed by Wolfgang Reitzle.

Hans-Olov Olsson is president of Volvo Cars North America and his area of responsibility also includes Australia/New Zealand and Japan. He joined Volvo in 1966 and worked in the areas including logistics, IT, supply administration and production before becoming head of Volvo Cars Japan in 1990 and thereafter Volvo Cars Europe in 1996.

He was born in Snacke in Dalsland (Sweden) in 1941. He and his wife Monika are the parents of two daughters and have three grandchildren.

An avid runner, the last time Hans-Olov Olsson ran a marathon was in New York in 1992. He finished in four hours and three minutes.