Hans Straberg To Step Down As Electrolux's CEO and President

Hans Straberg, the CEO and President of Electrolux AB ELUXY, has decided to leave the company. Keith McLoughlin will replace Straberg as the company's president and CEO, with effect from January 1, 2011. McLoughlin joined Electrolux in 2003 and is currently the head of R&D, manufacturing and purchasing for Electrolux's major appliances unit. Hans Stråberg said, “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.” He added, “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, said, “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”. He added, “The Board is pleased that Keith McLoughlin will take the baton.” ELUXY's shares lost 0.59% to close at $47.45 yesterday. Read more from Benzinga's Company news. Click here to get trading ideas that could bring you a 100% return.