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Volvo Cars announces retirement of Vic Doolan


Anne Belec named successor as president and CEO


Irvine, CA. (November 19, 2004) - Volvo Cars of North America (VCNA) today announced that Victor H. Doolan will retire as president and CEO. VCNA is part of Volvo Car Corporation (VCC), Sweden. Anne Belec, Vice President of Sales Operations at VCC, has been named as Doolan's successor.


During his tenure, Mr. Doolan managed the U.S. operations to record sales and guided the introduction of a new generation of Volvo vehicles, including the award-winning XC90 – the company's first SUV. Prior to joining Volvo, Doolan was the Executive Director of PAG in North America (PAG is Ford Motor Company's premium car division encompassing the Aston-Martin, Jaguar, Land Rover and Volvo brands). Previously, he successfully managed the BMW car business in the U.S. and South Africa.


Ms. Belec brings an acute understanding of the business and her exemplary background includes effective dealer relations, sales operations, and product development and positioning in a range of leadership posts within Volvo Cars and Ford Motor Company.


Hans-Olov Olsson, president and CEO of VCC, acknowledged Doolan for his contributions and accomplishments and welcomed Belec as the VCNA successor.


"Vic has made remarkable strides with the brand and it will not be easy to fill his shoes," said Olsson. "We feel Anne's sales operation success and her organizational leadership will serve her well in furthering VCNA’s volume growth and profitability. Anne will be an asset to promoting Volvo’s brand development in North America,” he said.


Ms. Belec will join VCNA January 3, 2005. Mr. Doolan will remain president and CEO through a transition period until his retirement date, effective the end of March.


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