What Does A Knife Do When The Cutting's Done?

Mike Treschow revived Electrolux. Investors still aren't happy

Michael Treschow needs a second act. In his three years as CEO of Stockholm-based Electrolux Group, the world's biggest household appliance maker has undergone a radical restructuring. Faced with a bloated balance sheet and poorly managed acquisitions, Treschow has divested noncore assets worth $21 billion a year in sales, eliminated 14,500 jobs--10% of the Swedish company's workforce--and closed 27 plants and 50 warehouses. "Mike the Knife" is 57-year-old Treschow's nickname now, and in many ways it bespeaks a job well done. But what do you do with a knife when the cutting's all finished?

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