Autoliv Appoints CEO Jan Carlson As Chairman, Effective Immediately - Update

(RTTNews) - Autoliv, Inc. (ALV), a supplier of automotive safety systems, Monday announced that its Board of Directors, at its May 4 meeting, elected Jan Carlson to serve as its new Chairman of the Board, effective immediately.

Carlson, Autoliv's President and Chief Executive Officer since 2007, has been serving as Interim Chairman Since April 3, following the resignation of the previous Chairman Lars Nyberg.

According to the firm, Carlson's long experience with Autoliv, as well as his deep knowledge of the auto industry, make him the best choice for Chairman at this time.

Carlson joined Autoliv in 1999. Prior to becoming the President and CEO, he was President Europe, President Electronics and Vice President Engineering. In addition, he is a board member of BorgWarner Inc. and Trelleborg AB.

On April 3, Autoliv said that Nyberg informed the Board that he wished to withdraw his name as a nominee for re-election to the Board at the Annual Meeting of Stockholders in 2014, and to resign as Chairman. The company then noted that this decision was not the result of any disagreements with the company.

Nyberg also indicated then that he did not want the ongoing investigations relating to his former employment with Swedish telecommunications firm TeliaSonera AB (0H6X.L, TLSNY.PK) to distract from Autoliv's continued success.

Nyberg, who was the President and CEO of TeliaSonera since 2007, stepped down in February 2013 in the wake of a scandal over allegations of corruption involving operations in Uzbekistan.

Nyberg first joined Autoliv as a director in October 2004 and has served as Chairman since December 2011.

Autoliv now noted that at the May 4th meeting, the Board approved amendments to the company's Corporate Governance Guidelines to provide for a Lead Independent Director if the position of Chairman is held by an officer of the Company.

The Board selected George Lorch to serve as the Lead Independent Director, effective immediately, as Carlson is both an officer of the Company and the Chairman. Lorch has been a director of the Company since June 2003 and currently is the Chairman of the Nominating and Corporate Governance Committee.

Autoliv shares closed Friday's trading at $102.80, up $0.09 or 0.09 percent.