Hans Stråberg, CEO of global appliance giant Electrolux, notified the company board that he wishes to leave the company. The board appointed Keith McLoughlin the new President and CEO of Electrolux, effective January 1, 2011. Electrolux is generally considered one of the world's biggest two producers of major appliances.
McLoughlin joined Electrolux in 2003 and served as head of Electrolux Major Appliances North America. He is currently responsible for R&D, Manufacturing, and Purchasing for Electrolux Major Appliances.
"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%."
"I respect that Hans after his nine years as CEO wants to move on, although I’ll be sorry to see him go," said Marcus Wallenberg, chairman of the Electrolux board. "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."
Wallenberg said the board was pleased that Keith McLoughlin will take the top management position at the company. "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.”
Pictured: Keith McLoughlin (left), Hans Stråberg (right).
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