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The Group Executive Team has 16 members
including the CEO. In addition to the CEO, the
Group Executive Team comprises the Executive
Vice Presidents of the five Group Trucks divi-
sions, the Executive Vice President Volvo Con-
struction Equipment, the Executive Vice Presi-
dent Business Areas, the Executive Vice
President Volvo Financial Services and the
Executive Vice Presidents of the seven Corpo-
rate Functions. The members of the Group
Executive Team report directly to the CEO.
The CEO leads the operations of the Group
partly through the Group Executive Team but also
through the Group Trucks Executive Management
Team, which normally holds weekly meetings. In
addition, the CEO conducts regular follow-ups
with the heads of Group Functions, the other
Business Areas and Corporate Functions. Further,
the Busines Areas and the Group Functions have
separate decision foras called Business Review
Meetings and there are also cross-functional
committees that manage matters concerning pro-
cesses pertaining to more than one Group Fun-
ction. These bodies effect control and monitoring
of the Group’s financial development, strategies
and targets and make decisions regarding invest-
ments and other matters.
Remuneration to the Group
Executive Team
AB Volvo’s Annual General Meeting annually
approves a policy on remuneration to the Group
Executive Team, following a proposal from the
Board. The remuneration policy adopted by the
Annual General Meeting 2012 states that the
guiding principle is that remuneration and other
terms of employment for the Group Executive
Team shall be competitive in order to ensure that
the Volvo Group can attract and retain competent
executives.
The policy also states that the executives may
receive variable salary in addition to fixed salary.
The variable salary may, as regards the President,
amount to a maximum of 75% of the fixed salary
and, as regards the other executives, a maximum
of 60% of the fixed salary. In 2012, members of
Group Management
9
84
CORPORATE GOVERNANCE REPORT 2012 CORPORATE GOVERNANCE
Dennis Slagle
Executive Vice President
Group Trucks Sales
& Marketing Americas
Born 1954. Bachelor of Sci-
ence. President and CEO of
North American Trucks 2009–2011. President
and CEO of Mack Trucks, Inc. 2008–2011.
President and CEO of Volvo Construction
Equipment North America 2003–2008. Mem-
ber of the Group Executive Team since 2008.
With Volvo since 2000. Board member: West
Virginia Wesleyan College Board of Trustees.
Holdings in Volvo, own and related parties:
22,978 Series B shares.
Mikael Bratt
Executive Vice President
Group Trucks Operations
Born 1967. Has held various
senior positions in the finan-
cial areas in the Volvo
Group, most recently as Senior Vice President
and CFO 2008–2011. Prior to that Vice Presi-
dent and Head of Corporate Finance at AB
Volvo. Member of the Group Executive Team
since 2008. With Volvo since 1988. Holdings
in Volvo, own and related parties: 85,493
shares, including 84,601 Series B shares.
Joachim Rosenberg
Executive Vice President
Group Trucks Sales
& Marketing and JVs
APAC
Born 1970. M. Sc. Industrial
Engineering and Management, M. Sc. Financial
Economics, M. Sc. Business and Economics.
Has held various senior positions in the Volvo
Group, most recently as Executive Vice Presi-
dent Group Trucks Sales & Marketing APAC
2012. President of Volvo Group Asia Truck
Operations 2007–2011. Vice President Volvo
Group Alliance Office 2007. Vice President
Volvo Powertrain 2005–2007. Member of the
Group Executive Team since 2012. With Volvo
since 2005. Holdings in Volvo, own and
related parties: 14,578 Series B shares.
Olof Persson
President and CEO
Born 1964. B. Sc. in Busi-
ness Administration and
Economics. President of AB
Volvo and Chief Executive
Officer of the Volvo Group since 2011.
President of Volvo Construction Equipment
2008–2011. President of Volvo Aero 2006–
2008. With Volvo since 2006. Board Chair-
man: The German-Swedish Chamber of Com-
merce. Board member: The Confederation of
Swedish Enterprise and the Swedish-American
Chamber of Commerce. Member of the Volvo
Board since 2011. Holdings in Volvo, own
and related parties: 76,037 Series B shares.
Torbjörn Holmström
Executive Vice President
Group Trucks Technology
Born 1955. M. Sc. Mechani-
cal Engineering. President of
Volvo 3P 2003–2011. Prior
to that he has held various senior positions at
Volvo Powertrain. Member of the Group Execu-
tive Team since 2012. With Volvo since 1979.
Holdings in Volvo, own and related parties:
42,333 Series B shares.
Peter Karlsten
Executive Vice President
Group Trucks Sales
& Marketing EMEA
Born 1957. M. Sc. Electrical
Engineering. President of
Volvo Powertrain 2007–2011. Senior Vice
President Technology for the Volvo Group
2007–2011. Head of Volvo’s North
American truck operations 2003–2007. Head
of Volvo Trucks in Brazil 2001–2003. Member
of the Group Executive Team since 2007. With
Volvo since 2001. Holdings in Volvo, own and
related parties: 107,381 shares, including
107,082 Series B shares.
Group Management