Sweden's Electrolux AB named Chief Operating Officer Keith McLoughlin, a 54 year old American, to succeed President and Chief Executive Officer Hans Straberg. Mr. Straberg, 53, joined Electrolux in 1983 and was appointed CEO in 2002. It reported first half 2010 net profit of $1.03 billion Swedish kroner ($150.4 million), up from 658 million kroner a year earlier.
McLoughlin currently is responsible for R&D, manufacturing and purchasing for Electrolux Major Appliances and previously was head of Electrolux Major Appliances North America. He joined the company in 2003 after 22 years withy Dupont. McLoughlin's appointment is effective Jan 1, 2011.
Straberg is credited with making Electrolux into a global consumer driven company. Electrolux makes vacuum cleaners, refrigerators and dishwashers and made it through the recent economic downturn by cutting jobs and moving factories to low-cost countries. Straberg says that he wants to develop his boardroom assignments and currently is a director of Finnish pulp and paper maker Stora Enso.
Carmine D.
