Hans Stråberg to Leave Electrolux and is Succeeded by Keith McLoughlin as President and CEO
by Business Wire
Hans Stråberg has notified the Board that he wishes to leave Electrolux (STO:ELUXA) (STO:ELUXB). The Board has appointed Keith McLoughlin new President and CEO as of January 1, 2011.
Mr. McLoughlin is today responsible for R&D, Manufacturing and Purchasing for Electrolux Major Appliances. He was previously head of Electrolux Major Appliances North America and joined Electrolux in 2003.
“After nine fantastic years as President and CEO, 13 years in Group Management and 27 years in the company, I want to do something new,” says Hans Stråberg. “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. We have undertaken a major transformation of Electrolux into a global consumer-driven company, and over the last four quarters we have achieved our target operating margin of 6 %”.
Marcus Wallenberg, Chairman of the Electrolux Board, says, “I respect that Hans after his nine years as CEO wants to move on, although I’ll be sorry to see him go. 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. I enjoy our business relationship and am looking forward to continue working with Hans on other assignments in the future”.
“The Board is pleased that Keith McLoughlin will take the baton,” continues Mr. Wallenberg. “His focus will be to continue executing the Electrolux strategy. Keith has been deeply involved in developing and implementing the strategy, has turned around the Electrolux North American major appliances operations and has already today a major global responsibility.”
About the Electrolux Group
Electrolux is a global leader in home appliances and appliances for professional use, selling more than 40 million products to customers in 150 countries every year. The company focuses on innovations that are thoughtfully designed, based on extensive consumer insight, to meet the real needs of consumers and professionals. Electrolux products include refrigerators, dishwashers, washing machines, vacuum cleaners and cookers sold under esteemed brands such as Electrolux, AEG-Electrolux, Eureka and Frigidaire. In 2009, Electrolux had sales of SEK 109 billion and 51,000 employees. For more information, visit www.electrolux.com/press and www.electrolux.com/news
Electrolux may be required to disclose the information provided herein pursuant to the Securities Market Act
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