Electrolux CEO McLoughlin to Leave After Collapse of GE Deal
- CEO replaced by Jonas Samuelson, EMEA major appliances head
- Samuelson will focus on cost cutting, product development
Electrolux AB CEO Keith McLoughlin. Photographer: Chris Ratcliffe/Bloomberg
Electrolux AB said Chief Executive Officer Keith McLoughlin will step down in favor of Jonas Samuelson after the Swedish manufacturer failed to land a $3.3 billion deal to buy General Electric Co.’s household goods business following a 15-month pursuit.
McLoughlin, 59, cited family reasons for his decision to retire and move back to the U.S., where he will continue to work for Electrolux on a consultancy basis, the Stockholm-based company said in a statement on Monday. Samuelson, who heads the company’s major appliance operations in Europe, the Middle East and Africa, will continue to focus the maker of fridges, ovens and dishwashers on product development and cost controls, he said on a conference call for reporters and analysts.