Electrolux AB said its Chief Executive Officer Keith McLoughlin has not resigned following a report in Swedish business newspaper Dagens Industri that stated that he plans to leave Europe’s biggest maker of home appliances.
“We can confirm that Keith McLoughlin has not resigned as Electrolux CEO,” Paul Palmstedt, a spokesman for the Stockholm-based company, said in an e-mailed statement on Thursday. “All well-run public companies conduct succession planning.”
Electrolux is, as announced earlier this year, searching for a new head of its major appliances unit in North America, Palmstedt said. It said on April 8 that Jack Truong, the head of that division, had decided to resign and that McLoughlin, 58, was interim head of major appliances in North America.
Dagens Industri reported on Wednesday, without saying where it got the information, that McLoughlin is leaving his post as CEO for personal reasons and that the board of Electrolux is searching for a replacement. The head of General Electric Co.’s appliance unit, Charles Blankenship, is a possible candidate to replace him, DI said. His appointment would hinge on the company getting regulatory approval for its purchase of GE Appliances, DI said.
Electrolux last year agreed to acquire GE Appliances after spending a decade restructuring and moving production to low-cost countries. In April, Electrolux raised its forecast for total cost savings from the deal, anticipated to close this year, by 17 percent to $350 million.
McLoughlin became CEO of Electrolux in early 2011, replacing Hans Straaberg. Before taking the helm, he was responsible for research and development, manufacturing and purchasing at Electrolux. He joined the company in 2003, and has also been head of its major appliances North America unit.