STOCKHOLM, SWEDEN —
Keith McLoughlin will succeed Hans Straberg as president/CEO of Electrolux, effective Jan. 1.
McLoughlin joined Electrolux from Du- Pont in 2003 as president/CEO of the North America division and last year was promoted to COO of the company, with responsibility for global R&D, manufacturing and purchasing.
Straberg said he decided to leave after 27 years “to do something new.” During his nine years as chief executive, he doubled the company’s market value and led its transformation from a manufacturing- driven to a consumer- driven business by investing in innovative products, strong brands, and cost-efficient production that helped a achieve a targeted 6 percent operating margin over the last four quarters.
In a statement, chairman Marcus Wallenberg said “I’ll be sorry to see him go,” but said the board is pleased that McLoughlin “will take the baton.”
A graduate of the United States Military Academy at West Point with a Bachelor of Science in engineering, McLoughlin also ran the company’s Latin America majap unit between 2004 and 2007, and is credited with reviving the North America division.