Ford Names Fredrik Arp President, CEO of Volvo Cars

Hans-Olov Olsson to Become Chairman of the Board of Volvo Cars Corp.

DEARBORN, Mich., June 9 -- Ford Motor Company announced today Fredrik Arp has been appointed chief executive officer and president of Volvo Cars Corp., succeeding Hans-Olov Olsson, who becomes chairman of the board of Volvo Cars.

Arp most recently served as president and CEO of Trelleborg AB, a Sweden-based global auto industry supplier specializing in advanced polymer technologies. His and Olsson's appointments become effective October 1.

Arp will report to Mark Fields, Ford's executive vice president, Premier Automotive Group and Ford of Europe, who said, "Volvo Cars has a strong business and a great brand. Fredrik Arp's challenge is to lead the further growth of the Volvo business. Fredrik has an impressive track record in sales and manufacturing and I am delighted he has agreed to accept this challenge. I look forward to welcoming him to Volvo and to Ford Motor Company."

Added Arp: "Volvo is a name that stands for Swedish excellence around the world. This is a great opportunity for me to drive and support the profitable growth of Volvo Cars Corp. I am looking forward to working alongside such a successful team, in one of the toughest and most competitive industries in the world, and to lead them in the future development of the company."

Fields also commented on Olsson's 39-year career with Volvo, which includes five years as the automaker's president and CEO.

"Hans-Olov's contribution to Volvo Cars over the years and around the globe is immeasurable," Fields said. "He has helped steer the company with a unique combination of charm, vision and steely determination to the position it is in today, which is stronger than at any other time since the company's foundation in 1927. His continued support as Chairman of the Board will be invaluable as we move forward to Volvo's next challenges."

Olsson said: "Volvo is a fantastic company to work for -- I should know I've been here almost four decades. I wish Frederik and the team every success in the future; I have every confidence that we at Volvo have the team and the plans in place to go from strength to strength."