Autoliv Chairman Lars Nyberg Resigns - Quick Facts

(RTTNews) - Autoliv, Inc. (ALV), a supplier of automotive safety systems, Thursday said Lars Nyberg, Chairman of its Board of Directors, has informed the Board that he wishes to withdraw his name as a nominee for re-election to the Board at the Annual Meeting of Stockholders in 2014.

In connection with his withdrawal from nomination, Nyberg also informed the Board that he would resign as Chairman of the Board, effective immediately.

The Board has appointed Jan Carlson, a current director and the President and Chief Executive Officer of Autoliv, as Interim Chairman of the Board, effective immediately.

The Board is working through a process regarding the decision of Chairman of the Board and is likely to make an announcement before, or in connection with, the Annual Meeting of Stockholders on May 6.

If the Board decides to appoint Carlson as the Chairman of the Board, it will also appoint an independent lead director.

Nyberg will continue to serve on the Board as a director until the Annual Meeting of Stockholders. He believes that continuing to serve as Chairman will be inappropriate in the light of his decision to not stand for re-election.

Autoliv said Nyberg's decision to withdraw as a nominee for re-election to the Board and resign as Chairman was not the result of any disagreements with the company.

In informing the Board of his decision, Nyberg indicated that he did not want the ongoing investigations relating to his former employment with TeliaSonera to distract from Autoliv's continued success.

At this time, the Board is not nominating a replacement director for election at the Annual Meeting of Stockholders and will reduce the size of the Board to seven members, effective the meeting.

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