Volvo 2013 Annual Report Download - page 106

The Group Executive Team has 16 members in -
cluding the CEO. In addition to the CEO, the
Group Executive Team comprises the Executive
Vice Presidents of the fi ve 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 Ex -
ec utive 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 have regular meetings. In addition,
the CEO conducts regular follow-ups with the
heads of Group Functions, the other Business
Areas and Corporate Functions. Further, the
Business Areas and the Group Functions have
separate decision foras called Business Review
Meetings and there are also cross-functional
committees that manage matters concerning
processes pertaining to more than one division
and/or Business Area. These bodies effect
con trol and monitoring of the Group’s fi nancial
de velopment, strategies and targets and make
decisions regarding investments 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 2013 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 fi xed salary.
The variable salary may, as regards the Presi-
dent, amount to a maximum of 75 percent of the
fi xed salary and, as regards the other Group
Executive Team members, a maximum of 60 per-
cent of the fi xed salary. In 2013, members of the
Group Executive Team were entitled to variable
salary according to a program for variable remu-
neration determined by the Board. The perfor-
mance targets defi ned in the program were
mainly related to operating margin and cash fl ow.
Dennis Slagle
Executive Vice President
Group Trucks Sales
& Marketing Americas
Born 1954. Bachelor of
Science. 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.
Member 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: 30,981 Series B shares.
Mikael Bratt
Executive Vice President
Group Trucks Operations
Born 1967. Has held various
senior positions in the fi nan-
cial areas in the Volvo Group,
most recently as Senior Vice President and
CFO 2008–2011. Prior to that Vice President
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: 91,934shares,
including 91,042 Series B shares.
Joachim Rosenberg
Executive Vice President
Group Trucks Sales
& Marketing and JVs APAC
Born 1970. M. Sc. Industrial
Engineering and Manage-
ment, M. Sc. Financial Economics, M. Sc. Busi-
ness and Economics. Has held various senior
positions in the Volvo Group, most recently as
Executive Vice President Group Trucks Sales &
Marketing APAC 2012. President of Volvo Group
Asia Truck Operations 2007–2011. Vice Presi-
dent Volvo Group Alliance Offi ce 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: 20,900 Series B shares.
Olof Persson
President and CEO
Born 1964. B. Sc. in
Business Administration
and Economics. President
of AB Volvo and Chief
Executive Offi cer of the Volvo Group since
2011. President of Volvo Construction Equip-
ment 2008–2011. President of Volvo Aero
2006–2008. With Volvo since 2006. Board
Chairman: The German-Swedish Chamber
of Commerce. Member of the ERT (European
Round Table of Industrialists) and the Royal
Swedish Academy of Engineering Sciences.
Member of the Volvo Board since 2011.
Holdings in Volvo, own and related parties:
95,691 shares, including 95,640 Series B
shares.
Torbjörn Holmström
Executive Vice President
Group Trucks Technology
and Volvo Group Chief
T echnology Offi cer
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 Executive Team since 2012. With Volvo
since 1979. Holdings in Volvo, own and
related parties: 48,879 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 Presi-
dent 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: 115 , 4 8 2 s h a r e s ,
including 115,132 Series B shares.
Group Management
Group Management
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CORPORATE GOVERNANCE REPORT 2013 CORPORATE GOVERNANCE
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