Stephen Odell Appointed President and Chief Executive Officer of Volvo Car Corporation

Stephen Odell Appointed President and Chief Executive Officer of Volvo Car
Corporation

DEARBORN, Mich., Sept. 2 /PRNewswire-FirstCall/ -- Ford Motor Company
(NYSE: F) today announced the appointment of Stephen Odell as president and
chief executive officer of Volvo Car Corporation, replacing Fredrik Arp, who
has decided to leave the company.
Effective Oct. 1, Odell, 53, will be responsible for Volvo's global
operations out of its headquarters in Gothenburg, Sweden, and lead the
company's drive toward sustained profitability through continued restructuring
and the accelerated development of high-quality, fuel-efficient and safe
vehicles in the premium end of the market.
Odell, who has played a key role in Ford of Europe's resurgence as its
chief operating officer, will report to Lewis Booth, executive vice president
of Ford Motor Company and chairman of Volvo Car Corporation, who will continue
to oversee the strategic direction of Volvo.
"Stephen Odell brings to Volvo a wealth of experience of strong leadership
in the automotive industry," said Alan Mulally, president and CEO, Ford Motor
Company. "Given his strong track record at Ford, Jaguar and Mazda, the time
is now right for Stephen to take up this new challenge at Volvo. I believe
that Stephen is the right person - together with Lewis Booth and the Volvo
Cars Management Team - to take Volvo forward and to return the business to
sustainable profitability."
Booth thanked Fredrik Arp for his leadership of Volvo over the past three
years, a period in which Volvo reduced costs and strengthened its product
lineup despite a difficult business environment and challenges presented by
adverse currency exchange rates and other external factors.
"Fredrik has steered the Volvo team through some difficult times since
joining the company three years ago. His wide experience in business has been
a strong asset in helping to develop and implement Volvo's plan to improve its
business results.
"Fredrik has decided that now is the right time to hand over to a new
president and CEO, Stephen Odell, who will lead the Volvo team through the
next stage of its recovery."
Odell said he is excited to lead Volvo at an important time in the
company's history.
"Volvo is one of the great iconic automotive brands," Odell said. "The
very attributes that make Volvo distinctively Swedish - its heritage of
safety, environmental concern and its Scandinavian design - appeal to
customers around the globe. Our strategy is to enhance the premium nature of
Volvo by further strengthening these attributes. Volvo really is the auto
brand for today's customers.
"We have a restructuring plan in place that will help to deliver a more
competitive business and that enables Volvo to continue to build upon its core
strengths. Volvo will adopt a more stand-alone approach within Ford Motor
Company, while still leveraging product development and purchasing synergies
with other Ford operations."
Before he was appointed chief operating officer of Ford of Europe in April
2008 responsible for product development, manufacturing, purchasing, and
marketing, sales and service operations, Odell served as Ford of Europe's vice
president of marketing, sales and service for nearly three years.
Prior to that, he held several senior level positions at Mazda Motor
Corporation from 2000 to 2005. From 1997 to 2000, Odell was vice president,
marketing and sales, Jaguar North America. Stephen Odell joined Ford of
Britain in 1980 as a graduate trainee. A native of London, he is married with
two children.
Ford Motor Company, a global automotive industry leader based in Dearborn,
Michigan, United States, manufactures or distributes automobiles in 200
markets across six continents. With about 230,000 employees and about 100
plants worldwide, the company's core and affiliated automotive brands include
Ford, Lincoln, Mercury, Volvo and Mazda. The company provides financial
services through Ford Motor Credit Company. For more information regarding
Ford's products, please visit www.ford.com.
SOURCE Ford Motor Company

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