Stephen Odell, new President and Chief Executive Officer of Volvo Car Corporation

Effective October 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.

Alan Mulally, president and CEO, Ford Motor Company, said:

"Stephen Odell brings to Volvo a wealth of experience of strong leadership in the automotive industry. 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."

"Fredrik Arp has steered the Volvo team through some difficult times since joining the company three years ago. 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," he added.

Odell said he is excited to lead Volvo at an important time in the company's history.

Odell said:

"Volvo is one of the great iconic automotive brands. The very attributes that make Volvo distinctively Swedish - its heritage of safety, environmental concern and its Scandinavian design -- appeal to customers around the globe."

"Volvo will adopt a more stand-alone approach within Ford Motor Company, while still leveraging product development and purchasing synergies with other Ford operations," he added.

Roula Beiruty, Marketing Manager of Volvo Cars ME, said:

"We are looking forward to having Stephen Odell as our new president and CEO. We believe that he is bringing new structuring strategies that will boost the corporation's business and profitability."

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.