Electrolux CFO Quits, Following CEO Out After GE Deal's Endby
Eliasson to become CFO at cutting-tools maker Sandvik
Electrolux says it's begun search for CFO's replacement
Electrolux AB Chief Financial Officer Tomas Eliasson is resigning to take another job, less than two weeks after the chief executive officer announced his retirement following the collapse of a deal to buy General Electric Co.’s appliance business.
Eliasson, 53, has been appointed CFO of Sandvik AB, the world’s largest maker of cutting tools, and will leave Electrolux to take up his new position no later than July, Stockholm-based Sandvik said in a statement Friday. Electrolux has begun looking for Eliasson’s replacement, the appliance maker said in a separate statement.
Eliasson’s departure comes after the collapse of what would have been Electrolux’s largest acquisition to date, a planned $3.3 billion takeover of the GE business. GE pulled out of the deal because of opposition from U.S. antitrust regulators, and later agreed to sell the unit to China’s Haier Group for $5.4 billion.
Electrolux said Jan. 11 that Keith McLoughlin will retire as CEO and move back to the U.S. after GE’s decision to walk away from the deal, which Electrolux had pursued to gain scale in the U.S. market. The company went to court to fight the U.S. Justice Department’s claims that the combined company and rival Whirlpool Corp. would be dominant in U.S. cooking appliances. The trial was under way in Washington when GE announced Dec. 7 it was abandoning the plan because of regulatory opposition.
Electrolux shares rose 0.2 percent to 183.30 kronor at 9:10 a.m. in Stockholm. The stock has dropped 17 percent in the past year, giving the company a market value of 56.7 billion kronor ($6.6 billion).
Sandvik has undergone an executive overhaul since Johan Molin took over as chairman in May. In November, Bjoern Rosengren, the former CEO of Finnish engine maker Wartsila Oyj, took the same job at Sandvik, replacing Olof Faxander. Eliasson replaces Mats Backman, who is joining Autoliv Inc.