CEO of Sweden’s Electrolux to step down
Keith McLoughlin, the boss of Swedish home appliances maker Electrolux announced today he will retire a month after the biggest deal in the company’s history was scuppered. The Board has appointed Jonas Samuelson as new President and CEO of Electrolux as of February 1, 2016.
This $3.3 billion deal would have seen Electrolux leapfrog Whirlpool as the world’s biggest appliances maker. GE walked away from the agreement in early December after months of opposition from US competition regulators.
Ronnie Leten, Chairman of the Board of Directors of Electrolux says ”Keith has made significant contributions strengthening the company during his time as CEO. Under his leadership, Electrolux has successfully enhanced its position as an innovative, globally integrated company, while strengthening its balance sheet. His personal integrity, commitment and loyalty to this company have been well appreciated. I enjoy our relationship and I am looking forward to continuing it.”
McLoughlin, an American who took the helm at Electrolux five years ago, said in a statement he would return to his family in the US.
With his family having returned to the US several years ago, there had been much speculation that McLoughlin could soon leave, even before the breakdown of the GE deal.
His successor, Jonas Samuelson, is head of business area Major Appliances Europe, Middle East and Africa (EMEA) and has also been CFO of the firm. The EMEA unit’s profitability has improved under Samuelson’s leadership. In the third quarter of 2015 it reached an operating margin of 6.3%, its highest quarterly margin since 2010.
Electrolux is a global leader in home appliances. Stockholm-headquartered company has been doing business since 1919 and is curently ranked the world’s second-largest appliance maker by units sold.
