Volvo 2011 Annual Report Download - page 59

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Volvo Group restructures its truck busi-
ness and launches new organization
In October it was announced that the Volvo
Group is to have a new organization which better
utilizes the global potential of the brands and
products within the truck operations. For exam-
ple, the sales and marketing of all of the truck
companies will be organized in three regional
organizational units, directly under the CEO. In
the same manner, all product development and
production of trucks and engines will be placed
in two new central organizational units under the
CEO. Production, product planning and product
development for the non-truck business areas
will remain with their respective business area.
The new organization was in place as of January 1,
2012.
The fourth quarter
Volvo Group’s 2011 Capital Market Day
At Volvo’s Capital Market Day in Stockholm on
November 8, 2011 President and CEO Olof
Persson presented the Group’s new financial
targets that were announced on September 22,
2011, and the new organization that applies
from the beginning of 2012. He also emphasized
the major growth potential he sees in the existing
businesses which, combined with higher cost
efficiency, over time gives the Group the potential
to increase its operating margin by at least 3
percentage points, thus facilitating achievement
of the new financial targets.
AB Volvo evaluates the possibility of
divesting Volvo Aero
On November 21, 2011 it was announced that
AB Volvo, as a step in further streamlining the
Volvo Group towards commercial vehicles, had
initiated a process aimed at divesting Volvo
Aero.
Carl-Henric Svanberg proposed as new
Chairman of AB Volvo
On December 12, 2011 the Election Committee
of AB Volvo proposed the election of Carl-Henric
Svanberg as new Chairman of the Board at the
Annual General Meeting on April 4, 2012. AB
Volvo’s current Chairman Louis Schweitzer has
declined reelection.
The Election Committee also proposed the
reelection of Board members Peter Bijur,
Jean-Baptiste Duzan, Hanne de Mora, Anders
Nyrén, Ravi Venkatesan, Lars Westerberg, Ying
Yeh and Olof Persson.
Detailed information about the events is availa-
ble at www.volvogroup.com
Corporate Governance Report Volvo
has issued a corporate governance
report which is separate from the
annual report. The corporate governance
report is included in this document,
after the annual report as such, on
pages 150–159.
UD Trucks new Condor
Sales increase in the bus
business
Volvo AeroOlof Persson
Volvo CE at ConExpo
Pat Olney
55