The Nomination Committee's proposal for election of members to the Board of Directors of Volvo Car AB (publ)

The Nomination Committee of Volvo Car AB (publ) has decided to submit the following proposals for resolution at the Annual General Meeting of shareholders on April 3, 2023:

  • The Board of Directors shall comprise ten members without any deputy members. 
  • Re-election as members of the Board of Directors: Eric Li (Li Shufu), Daniel (Donghui) Li, Lone Fönss Schröder, Winfried Vahland, Jonas Samuelson, Diarmuid O’Connell, Lila Tretikov, Jim Rowan and Anna Mossberg.
  • Eric Li to be re-elected as Chairperson of the Board of Directors and Lone Fönss Schröder as Vice Chairperson. 
  • Tom Johnstone, as previously informed, declines re-election.
  • The Nomination Committee proposes Ruby Lu to be elected as a new member of the Board of Directors.

Ruby Lu is a venture capitalist investing in technology start-ups in the US and China, she founded Atypical Ventures in 2019 – an early-stage technology investment firm. She is an independent board member of Unilever, Yum China and Uxin Limited. In 2006 Ruby Lu co-founded DCM China, a venture capital firm. Prior to becoming a venture capitalist, Ruby Lu was a Vice President in Goldman Sachs’ technology media and telecommunication banking group in the US. Ruby Lu comes with extensive financial and global market experience, including board work in listed companies. She is well acquainted with the Chinese market and has vast experience from various tech companies.


If the Nomination Committee’s proposal is approved by the Annual General Meeting, 40 per cent of the board members will be women.


The Nomination Committee consists of:

  • Tom Johnstone, appointed by Geely Sweden Holdings AB 
  • Yimin Chen, appointed by Geely Sweden Holdings AB
  • Eric Li, Chairperson of the Board of Directors of Volvo Car AB 
  • Anders Oscarsson, appointed by AMF
  • Ylva Wessén, appointed by Folksam


Tom Johnstone is the Chairperson of the Nomination Committee.


Information about the Nomination Committee’s statement and the complete proposal will be made available on the Volvo Car investor relations website on 28 February 2023 when the notice to the Annual General meeting is published,




Volvo Cars in 2021
Volvo Car Group recorded an operating profit of 20.3 BSEK. Revenue in 2021 amounted to 282.0 BSEK, while global sales reached 698,700 cars.


About Volvo Car Group
Volvo Cars was founded in 1927. Today, it is one of the most well-known and respected car brands in the world with sales to customers in more than 100 countries. Volvo Cars is listed on the Nasdaq Stockholm exchange, where it is traded under the ticker “VOLCAR B”.


Volvo Cars aims to provide customers with the Freedom to Move in a personal, sustainable and safe way. This is reflected in its ambition to become a fully electric car maker by 2030 and in its commitment to an ongoing reduction of its carbon footprint, with the ambition to be a climate-neutral company by 2040.


As of December 2021, Volvo Cars employed approximately 41,000 full-time employees. Volvo Cars' head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars' production plants are located in Gothenburg, Ghent (Belgium), South Carolina (US), Chengdu, Daqing and Taizhou (China). The company also has R&D and design centres in Gothenburg, Camarillo (US) and Shanghai (China).

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