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TOP MANAGEMENT CHANGES AT VOLVO CARS OF NORTH AMERICA

 TOP MANAGEMENT CHANGES AT VOLVO CARS OF NORTH AMERICA
 ROCKLEIGH, N.J., Sept. 25 /PRNewswire/ -- Joseph L. Nicolato,


president and CEO of Volvo Cars of North America, Inc., yesterday announced his resignation effective Dec. 31, 1992. In a letter to all company employees and all Volvo dealers in North America, Mr. Nicolato explained his decision and thanked his colleagues and dealers for their support during his 34 years with the company. He described his time with Volvo as "more like a love affair than a job." The CEO responsibilities vacated by Mr. Nicolato will be assumed by Mats Ola Palm, presently the chairman of the VCNA board of directors.
 Mr. Nicolato, 55, stated in his letter that he believed it would be in the company's best interest if he resigned. He expressed his confidence in his management group, the strength of the Volvo dealer network, and the experience Mr. Palm would bring to his new position. To achieve the most orderly transition, Mr. Nicolato has agreed to remain available to the organization as a consultant for a six-month period.
 Since October of 1981, Mr. Nicolato has been responsible for all Volvo automobile operations in the United States and Canada. During his tenure, Volvo sales in North America totaled over one million automobiles. Also during this period, the company established its all-time North American sales record of approximately 120,000 cars during 1986. Today, Volvo remains the highest volume importer of European built cars.
 "Joe's penchant for hard work and dedication to Volvo have been recognized throughout the industry," Mr. Palm reflected. "Surely among his greatest achievements is the strong Volvo dealer network and the excellent relationship the company enjoys with that group."
 In addition to his responsibilities as president and CEO, Mr. Nicolato is also a director of the Park Ridge Corporation, parent company of the Hertz Corporation. He is also president and chairman of Volov Canada Ltd. and a director of Volvo Finance North America.
 Mr. Palm, who will assume the CEO responsibilities, was named chairman of Volvo Cars of North America in March of this year and moved his residence to the United States from his native Sweden. Over the years, Mr. Palm has held numerous key management positions with Volvo around the globe. Most recently he was the executive vice president in charge of marketing for Volvo Car Corporation and a member of the company's executive board. In addition to his new responsibilities in North America, Mr. Palm will retain his executive responsibilities within Volvo Car Corporation in Sweden, strengthening the bond between the two organizations. Prior to joining Volvo, his professional experience also included several positions in the IBM organization.
 -0- 9/25/92
 /CONTACT: Bob Austin of Volvo Cars of North America, 201-768-7300/ CO: Volvo Cars of North America, Inc. ST: New Jersey IN: AUT SU: PER


GK-OS -- NY009 -- 3431 09/25/92 10:04 EDT
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Publication:PR Newswire
Date:Sep 25, 1992
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