Svanberg to step down as AB Volvo chairman

Carl-Henric Svanberg (Photo: AB Volvo)

Carl-Henric Svanberg has declined re-election as chairman of the AB Volvo board of directors. He will remain as board chairman until the annual general meeting to be held in March 2024.

“Today, I have informed the election committee of AB Volvo of my intention to step down in conjunction with next year’s AGM,” said Svanberg. “In March 2024, I will have served as chairman for 12 years. It has been a great privilege and I am proud of the achievements of the management team and all the employees in the Volvo Group.”

Svanberg became board chairman of Volvo in April 2012. Over this time, the Volvo Group strengthened its market position, improved profitability and established a route to achieve net-zero emissions.

“My successor will have the opportunity to continue to drive the transformation toward net-zero and play a leading role in the transition, together with the board, our CEO Martin Lundstedt and his management team,” said Svanberg.

Pär Boman, chairman of the AB Volvo Election Committee, said: “Carl-Henric Svanberg has informed the election committee of his intention to step down in conjunction with next year’s AGM. His contribution throughout the years has been highly appreciated, not only by shareholders but also by all of the company’s relevant stakeholders. The search for his successor will commence immediately.”