Peter karlsten New president of volvo trucks north america

Peter Karlsten, president of Volvo Trucks in Brazil, will be the new
president of Volvo Trucks North America. Karlsten will assume his new
position on October 1 this year.

Peter Karlsten, 46, has served as President of Volvo Trucks in Brazil
since 2001. He succeeds Michel Gigou, whose foreign service contract
expires at year-end and he therefore chooses to return to Europe. In his
new position, Karlsten will report to Volvo Truck's President Jorma
Halonen. Gigou, who was previously President of Mack Trucks, Inc., will
continue to serve as Chairman of Mack Trucks, Inc.

"Gigou has done an excellent job in managing the coordination of our
North American operations and can be proud to have succeeded in
accomplishing a significant earnings improvement. I fully respect his
choice to return to Europe when his contract expires at year-end," says
Volvo Chief Executive Officer Leif Johansson.

May 19, 2003

For further information contact Marten Wikforss, +46 31 66 11 27