Volvo appoints a New Chairman and Board member

Mr. Pär Boman be appointed new Chairman and Board member at the Annual General Meeting in March 2024.

Gothenburg, Sweden- Volvo AB., the Election Committee of Volvo AB proposes that Mr. Pär Boman be appointed new Chairman and Board member at the Annual General Meeting in March 2024. As previously announced, AB Volvo’s current Chairman of the Board Carl-Henric Svanberg has declined re-election.

Mr. Anders Oscarsson, member of the AB Volvo Election Committee, said that, “Pär Boman is regarded as a highly capable leader and has vast expertise from serving on the boards of numerous Swedish listed businesses in diverse industries. Together, Pär Boman and the other members will make up a strong, experienced board that can continue the company's shift to more environmentally friendly transportation options.

Pär Boman is currently Chairman of AB Volvo’s Election Committee. Should the Annual General Meeting elect him as Chairman of the Board, he will resign from this position. In this situation, he will nonetheless be suggested in his capacity as Board Chairman as a member of the Election Committee.

Along with the Chairman of the Board Carl-Henric Svanberg, the Election Committee of AB Volvo consists of representatives from the four largest shareholders of the business, who collectively hold around 16.1% of the company's shares and approximately 39.7% of the votes. Pär Boman (AB Industrivärden), Anders Oscarsson (AMF and AMF Funds), Carina Silberg (Alecta), and Anders Algotsson (AFA Insurance) are the members representing the largest shareholders.

The Election Committee’s complete proposals will be announced in due time before the Annual General Meeting 2024.