Electrolux CEO to resign, R&D head to succeed

Swedish home appliance maker Electrolux today said its President and Chief Executive Hans Straberg has decided to step down and he will be replaced by head of research and development Keith McLoughlin.

"Hans Straberg has notified the Board that he wishes to leave Electrolux," the company said in a statement.

McLoughlin would take over as President and CEO from January 1, 2011. He is currently in charge of research and development, manufacturing and purchasing for Electrolux's North American major appliances operations.

Straberg said that he wanted to do something new after serving 27 years in Electrolux.

"I want to do something new,"Straberg said adding "I will now work with a portfolio of growth companies as well as continue to develop my board assignments. This was not an easy decision to make, but I consider my mission accomplished."

 

Marcus Wallenberg, Chairman of the Electrolux board said that he respects Straberg's decision of leaving the company.

"Under his leadership, Electrolux has successfully transformed and strengthened its position, and the market value of Electrolux has doubled. Electrolux is now well positioned to face the future," he said.

"I enjoy our business relationship and am looking forward to continue working with Hans on other assignments in the future," Wallenberg added.