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Martin Weissburg, 51, has been appointed new President of Volvo Construction Equipment, Volvo CE. Weissburg is currently President of the Volvo Group’s customer finance company, Volvo Financial Services, VFS, and a member of the Group Executive Team. He will assume his new position on January 1, 2014, and replaces Pat Olney.
In spite of weak demand, especially in the mining sector, and unfavorable currency development, Volvo Construction Equipment (Volvo CE) showed good operating margin in Q3, thanks to effective cost control and inventory management.
Mr. Pat Olney, currently President of Volvo Construction Equipment, has decided to leave his position to take up a new challenge in a non-competing, large engineering company based in the U.S.A. Pat Olney will remain in his present position until year end.
In a further example of divesting, where appropriate, company-owned dealers to well-financed independent distribution partners, Volvo Construction Equipment has sold its dealership interests in Austria, Bosnia-Herzegovina, Croatia, the Czech Republic, Hungary, Moldova, Romania, Slovakia and Slovenia to the Ascendum Group.