Volvo Board Of Directors: The Minds Behind Volvo’s Growth
Volvo’s board of directors sets the principles and works for the board and other committees. Volvo board of directors comprises 14 members with Eric Li as the chairperson and Jim Rowan as the President and CEO. The board of directors arranges six to eight meetings annually to make all the administrative and constitutional decisions for Volvo Car.
Follow through this article to learn more exciting information about the members, their salary, and decisions made by the Board of directors.
Volvo Board Of Directors: Members And Principles
The members of Volvo’s board of directors are as follows:
Eric Li- Chairperson
Eric Li (Li Shufu) has been the chairperson and member of the board of Volvo Cars since 2010. Eric Li was the former CEO of Zhejiang Geely Holding Group Co. Ltd. He is also associated with several other companies of the Geely group.
On May 11, 2022, he was re-elected as the chairperson of the board of directors. He’s involved in making important decisions and conducts the board meetings. He’s also involved in coordinating between the three important committees of the Board of directors.
Lone Fønss Schrøder- Vice Chairperson And Chairperson Of The Audit Committee
Born in 1960, Lone Fønss Schrøder completed her master’s in Law, management, and business administration from three different institutions all across Europe. She has years of experience in A.P. Möller Maersk A/S. She was also the former President and CEO of Wallenius Lines.
In 2018, she was elected the vice chairperson of the board. She’s also acting as the president of the audit committee.
Jim Rowan- President And CEO
In 2022, the board of directors decided to bring a change in the company’s administration. Jim Rowan was appointed as the President and CEO of Volvo Cars.
The board was impressed with Rowan’s thirty years of experience in the field of marketing and technology. He worked as the CEO of Dyson Group and COO of Blackberry.
Rowan worked extensively in digitalization, marketing, technology, and innovation. He currently takes charge of the 9-member Executive management team.
He has an important role in making Volvo a fully electric vehicle brand by 2027.
Anna Mossberg
Anna Mossberg is a member of the board of directors of Volvo Cars. She has an amazing portfolio of experience. After completing her MBA from Stanford, she worked with Silo AB, Google Sweden, Deutsche Telekom AG, Bahnhof AB Telia International Carrier AB.
Her experience in marketing, strategy, and finance makes her a valuable part of the board of directors.
Lila Tretikov- Member Of The Audit Committee
Lila Tretikov is a member of the Board of Directors of Volvo Cars and the audit committee. After completing her study in computer science at the University of California Berkley, Lila worked as a CEO of Engie SA, Terrawatt Initiative, and Wikimedia Foundation.
Daniel Li- Member Of The Audit Committee And China Committee
Daniel Li is a member of the board, audit committee, and China committee. He’s an expert in managing finance, accounting, and corporate management.
Besides his role in Volvo cars, Daniel Li is currently the CEO of Zhejiang Geely Holding Group Co. Ltd. And a board member of other concerns of Geely.
Diarmuid O’Connell- Member Of People Committee
Diarmuid O’Connell is a member of Volvo’s board of directors and member of the people committee. He was previously involved in consulting different financial corporations and the U.S. Department of State.
Besides Volvo, Diarmuid is currently working as an advisor to several corporations.
Jonas Samuelson- Chairperson Of The People Committee
Jonas Samuelson has been a board member of the Volvo Board of Directors since 2020. He’s also working as the chairperson of the people’s committee. He comes with a wide range of experience in managing many automobile companies.
Ruby Lu- Member Of The China Committee
Ruby Lu is a former venture capitalist and an investor in several companies in both China and the US. She’s serving as a board member of Volvo’s board of directors and member of the China committee.
Jörgen Olsson- Representative Of Unionen
Jörgen Olsson is the chairman of Unionen, Volvo car group. He’s a member of the board of directors as the representative of Unionen.
Adrian Avdullahu- Representative Of IF Metall
Adrian Avdullahu is the vice chairman of IF Metall, Volvo car group, and a member of the board of directors as the representative of IF Metall.
Björn Olsson- Representative Of IF Metall
Björn Olsson is the Union representative of IF Metall and a member of Volvo’s board of directors.
Anna Margitin- Deputy Board Member & Representative Of Akademikerna
Anna Margitin is a deputy member of Volvo’s board of directors, She has been working with Volvo in several positions including Chief program engineer, Senior director of business quality, current model quality, and customer service.
Marie Stenqvist- Deputy Board Of Member & Representative Of IF Metall
Marie Stenqvist is a deputy board member of the Volvo Board of Directors and a representative of IF Metall.
Volvo Board Of Directors Committees
Volvo’s board of directors has formed three committees undertaking different tasks. The committees include:
Audit Committee
The audit committee of Volvo is responsible for governing the finance, audit, and compliance of regulations. Lone Fønss Schrøder (Chairperson), Li Donghui (Daniel), and Lila Tretikov are currently members of the audit committee.
The committee reports, advises, and helps the board of directors to help regulate the financial aspect of the company.
People Committee
The people committee is responsible for governing the remuneration and approving and monitoring global incentives.
It also presents the annual report on remuneration in the general meeting. Jonas Samuelson (Chairperson) and Diarmuid O’Connell are the members of the People committee.
China Committee
Volvo has extended its operation in China in recent years. The China committee was formed to govern and review different operations regarding Volvo China. Jim Rowan (Chairperson), Daniel Li, and Ruby Lu are the members of the China committee.
Volvo Board Of Directors Salary
The remuneration of Volvo’s board of directors is fixed according to the company’s guidelines. The remuneration is divided into different components such as fixed cash, variable cash, pension benefits, and other benefits.
On average, the CEO receives $6 million a year, including salary and bonuses. He also owns a 0.023% share of Volvo cars, worth $2 million.
The CEO might get 200 percent of the fixed cash remuneration as variable cash remuneration for short terms. For long-term variable cash remuneration, the CEO receives about 150 percent of the fixed cash remuneration.
Other EMT members get a maximum of 140 percent and 120 percent of the fixed cash salary in the short-term and long-term, respectively.
The members also get share-based incentives. The members receive a hefty amount of money depending on the annual sales and profits.
The members of the board of directors also receive extraordinary benefits depending on their performance. The benefits are a one-time arrangement and given according to market practice.
The amount is not more than the annual fixed cash salary.
The CEO receives not more than 50 percent of the fixed salary as pensions, and other EMT members receive 30 percent as pensions.
Conclusion
Volvo’s board of directors is responsible for the company’s current affairs, making important decisions, monitoring, governing, and planning future strategies.
