Volvo Trucks chief financial officer Pär Östberg is assuming responsibility for the group’s Asian truck operations in conjunction with the retirement of Jorma Halonen on 1 April.

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Halonen’s other duties will be distributed among the other members of the group executive committee.


A new CFO to succeed Pär Östberg will be appointed during the first quarter this year after the year-end financial report.


Östberg has worked in Asia for many years, including as president of Volvo Treasury Asia. He has also been a member of Nissan Diesel’s board of directors and as a former CFO of Renault Trucks, he has been deeply involved in the work to integrate Renault Trucks and Mack in the Group.


Volvo’s Asian truck operations are the fastest growing within the group, with sales of about SEK35bn and about 10,000 employees.

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Östberg also becomes the chairman of Nissan Diesel, Asia Truck Operations, Volvo China Investment Company, Volvo Automotive Finance (China) and Volvo Alliance Office.


He will remain CFO role during the closing of the 2007 financial statements until his successor is appointed.


The role of chairman of Volvo Buses will be assumed by Staffan Jufors, who will continue as president of Volvo Trucks. Jufors’ new assignment includes efforts to increase co-operation between Trucks and Buses and to create a structure in buses for increased profitability.


The new chairman for Mack will be Stefan Johnsson, who has been a board member of Mack in his former role as CFO for the Group. Johnsson will retain responsibility for the business units and for the group’s HR operations.