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Presidential Changes at Volvo Cars of North America

9 June 1998

Presidential Changes at Volvo Cars of North America

    ROCKLEIGH, N.J., June 9 -- Effective September 1, Helge
Alten, president and CEO of Volvo Cars of North America, has been appointed
managing director for Volvo Event Management UK.  In this position, he is
responsible for structuring the newly acquired Volvo Ocean Race, formerly
known as the Whitbread, which is one of the most followed sporting events
worldwide.
    Mr. Alten spent nearly three years leading VCNA, the largest Volvo car
company outside of Sweden.  His term was one of dramatic change including the
restructuring of the VCNA field and support organizations and extensive market
area and franchise development initiatives resulting in increased volumes and
improved customer satisfaction.  During this time, VCNA also reacquired
ownership of its finance company, Volvo Finance of North America.
    "As the event's new owner, Volvo has asked me to apply my restructuring
and organization skills over the next four years to increase the impact
and commercial success of this great sailing event," Mr. Alten explains.
"Since I am an avid sailor, the position is even more attractive."
    Hans-Olov Olsson, currently president of Volvo Cars Europe, is appointed
new president of Volvo Cars North America.  He will remain a member of the
Volvo Car Corporation executive management.  Previously, he held positions as
Volvo Car Corporation Executive Vice President of Sales and Marketing and
President of Volvo Cars Japan.
    Wolff Huber, currently president of Volvo Deutschland based in Cologne,
Germany, will become president of Volvo Cars Europe.  His successor in Germany
has not yet been appointed.