Volvo Cars Adjusts Organisation and Governance

Volvo Cars has a strategic direction to become fully electric by 2030 and shape the future of mobility, with strong ambitions for growth and sustainability. To achieve our aspirations and fulfil our purpose, the company is now fine-tuning leadership responsibilities within Volvo Cars.

“Our strategic direction is clear. With the customer in focus, we will create value through technology, product development, and digital and software capabilities. That’s why we have decided to simplify our structure with clear responsibilities and increase execution and closer collaboration across the entire business,” said Jim Rowan, CEO of Volvo Cars.

Volvo Cars Will Transition to a New Structure From June 20, Which Will Include:

Björn Annwall, current CFO, will become Chief Commercial Officer & Deputy CEO.

Javier Varela, responsible for R&D, Manufacturing, Procurement, Supply Chain & Quality, will become Chief Operating Officer & Deputy CEO.

Two Deputy CEO roles are being introduced to reflect the importance of two key areas of our business and their contribution to the company’s growth now and into the future.

Björn will succeed Lex Kerssemakers, who currently leads the Volvo Cars commercial operations and recently announced his plan to retire after 38 years of service with the company. As previously communicated, Lex will remain at Volvo Cars during this transitionary period in an advisory capacity, reporting directly to the CEO and focused on executive-level projects. As the recruitment process for Volvo Cars’ new permanent CFO is underway, Johan Ekdahl, currently Head of Global Accounting and Group Reporting, will be appointed as interim CFO.

Henrik Green, current head of Product Creation, will lead a new unit called Advanced Technology & Sustainability to solidify Volvo Cars’ leadership position as a provider of enhanced consumer experience through technology and sustainability to align with our ambitions to become fully circular by 2040.

The Volvo Cars Executive Management Team (EMT Will Consist of Jim Rowan and the Following:

• Acting Chief Finance Officer, Johan Ekdahl
• General Counsel & Chief Legal Officer, Maria Hemberg
• Chief Operating Officer & Deputy CEO, Javier Varela
• Chief People Officer, Hanna Fager
• Chief Commercial Officer & Deputy CEO, Björn Annwall
• Chief Communications Officer, Olivia Ross-Wilson

At the Same Time, a Broader Group Management Team Consisting of EMT and the Following Key Roles Will Be Established:

• President, APAC, Xiaolin Yuan
• President, Americas, Anders Gustafsson
• President, EMEA, Arek Nowinski
• Head of Global Advanced Technology & Sustainability, Henrik Green
• Head of Global Design & UX, Robin Page
• Head of Global Controlling, Fredrik Hansson
• Head of Global Manufacturing, Geert Bruyneel
• Acting Head of Global Research & Development, Javier Varela
• Head of Global Digital Core, Tobias Altehed
• Strategic Advisor, Lex Kerssemakers

This disclosure contains information that Volvo Car AB (publ) is obliged to make public according to the EU Market Abuse Regulation (EU nr 596/2014). The announcement was submitted for publication through the contact person’s agency on 17-06-2022 at 08:15 CET.

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