Canadian is new CEO of Volvo CE

April 8, 2011 – Ontario native Pat Olney has become the new CEO of Volvo Construction
Equipment. Olney has extensive experience spanning 17 years in the
Construction Equipment industry, with 10 of these in senior management
roles within Volvo CE.

From 2001 through 2004 he was the CFO of Volvo CE, and was then appointed president of Volvo Motor Graders, a position he held until becoming president of Volvo Road Machinery in 2007.

Since 2009 he has been executive vice president and head of operations at Volvo CE. This position includes all global manufacturing
as well as global purchasing. In 1994 he received the Chartered Accountant designation from the Canadian Institute of Chartered
Accountants. He also holds an honours degree in Business Administration
from the Ivey School of Business at the University of Western Ontario in London, Ont. Prior to joining Volvo he held various positions at Price
Waterhouse.

“This is an exciting time in our industry and in Volvo CE in
particular. I am honoured to have the opportunity to continue the
implementation of our Fit for the Future strategy which has been very
successful so far.” Olney says.

“I am very pleased with Pat Olney as my successor. He has a long and
extensive experience in the construction equipment industry and has been
instrumental in putting Volvo CE’s new strategy in place. He has
delivered very well as executive vice president of global operations and
in his previous positions”, says Olof Persson who leaves Volvo CE to take up a new position as deputy CEO of AB Volvo on May 1 and the
role as president and CEO of AB Volvo as of September 1.

The search for Olney's replacement has begun.