Proposal for Board of Directors of AB Volvo

Rhea-AI Summary

AB Volvo's Election Committee proposes Bo Annvik as a new Board member at the Annual General Meeting scheduled for April 4, 2023. The committee also recommends the re-election of Chairman Carl-Henric Svanberg and existing board members, while Hanne de Mora will not seek re-election. Annvik, with extensive experience in the manufacturing and automotive sectors, has been President and CEO of Indutrade since 2017 and serves on the board of SSAB. The Election Committee represents major shareholders holding about 16.5% of shares and 39.8% of votes.

Positive

• Bo Annvik's appointment could bring fresh perspectives to the Board.
• Continued leadership with the re-election of experienced Board members.

Negative

• Hanne de Mora's departure may create a gap in continuity on the Board.

News Market Reaction – VLVLY

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Press information from AB Volvo's Election Committee

GOTHENBURG, Sweden, Feb. 24, 2023 /PRNewswire/ -- The Election Committee of AB Volvo proposes Bo Annvik to be elected as new Board member at the Annual General Meeting on April 4, 2023. The Election Committee also proposes the re-election of the Chairman of the Board Carl-Henric Svanberg, as well as Board members Matti Alahuhta, Jan Carlson, Eric Elzvik, Martha Finn Brooks, Kurt Jofs, Martin Lundstedt, Kathryn V. Marinello, Martina Merz and Helena Stjernholm. Hanne de Mora will not stand for re-election.

Bo Annvik, 57, has many years of experience from leading positions in global companies within the manufacturing and automotive industries, including Volvo Car Corporation, SKF, Outokumpu and Haldex. He is since 2017 the President and CEO of Indutrade, an international technology and industrial group. He has, since 2019, been a board member of SSAB.

The Election Committee of AB Volvo comprises representatives of four of the company's largest shareholders, who together represent approximately 16.5 percent of the shares and approximately 39.8 percent of the votes, and the Chairman of the Board. The members who represent the largest shareholders are Pär Boman (AB Industrivärden), Anders Oscarsson (AMF and AMF Funds), Magnus Billing (Alecta) and Anders Algotsson (AFA Insurance).

February 23, 2023

For further information, please contact the secretary of the Election Committee, Sofia Frändberg, in accordance with the instructions set out on the webpage for AB Volvo's Election Committee.

Link to webpage. 

The Volvo Group drives prosperity through transport and infrastructure solutions, offering trucks, buses, construction equipment, power solutions for marine and industrial applications, financing and services that increase our customers' uptime and productivity. Founded in 1927, the Volvo Group is committed to shaping the future landscape of sustainable transport and infrastructure solutions. The Volvo Group is headquartered in Gothenburg, Sweden, employs more than 100,000 people and serves customers in almost 190 markets. In 2022, net sales amounted to SEK 473 billion (EUR 45 billion). Volvo shares are listed on Nasdaq Stockholm.

Journalists wanting further information, please contact:
Claes Eliasson, Volvo Group Media Relations,
+46 76 553 72 29

The following files are available for download:

https://mb.cision.com/Main/39/3722344/1872933.pdf	230223-volvo-group-proposal-for-board-of-directors-of-ab-volvo-en
https://news.cision.com/ab-volvo/i/1860x1050-news-common-volvo-sign,c3148034	1860x1050-news-common-volvo-sign

 

View original content:https://www.prnewswire.com/news-releases/proposal-for-board-of-directors-of-ab-volvo-301755131.html

SOURCE AB Volvo

FAQ

What is the significance of Bo Annvik's election to the AB Volvo Board on April 4, 2023?

Bo Annvik's election is expected to provide fresh insights due to his extensive experience in the manufacturing and automotive industries.

Who is not standing for re-election in AB Volvo's upcoming Board election?

Hanne de Mora will not stand for re-election at the Annual General Meeting.

What percentage of shares do the representatives in AB Volvo's Election Committee hold?

The Election Committee represents shareholders holding approximately 16.5% of the shares and 39.8% of the votes.

When is the annual general meeting for AB Volvo scheduled?

The annual general meeting for AB Volvo is scheduled for April 4, 2023.

What roles do key members of AB Volvo's Election Committee play?

The committee comprises representatives from major shareholders and aims to propose candidates for Board positions.