Electrolux CEO Keith McLoughlin Steven Lovekin, Getty Images

Will Electrolux CEO Keith McLoughlin step down? Or are Swedish media reports off base?

Electrolux Denies Reports of CEO Quitting

Leading Swedish business daily reports Keith McLoughlin will step down after close to three years away from his family, but the company refutes the story.

STOCKHOLM — Swedish appliance giant Electrolux on Thursday denied a report that its American chairman Keith McLoughlin was resigning to reunite with his family in the US.

An article in Sweden’s business daily Dagens Industri said “it’s now certain Keith McLoughlin will leave, the only question is knowing who will replace him.”

It added that the 58-year-old manager had been living apart from his family since its return to the US in 2012.

In a statement denying “recent speculations in Swedish media,” the company said Thursday it “can confirm that Keith McLoughlin has not resigned as Electrolux CEO.” It also indicated McLoughlin’s current dual role heading the global group and its North American unit was a temporary situation awaiting a permanent appointment to the recently-vacated North American post.

“All well-run public companies conduct succession planning. We are searching for a new head of our Major Appliances sector in North America,” Electrolux said.

McLoughlin has led Electrolux since 2011, and oversaw its decision last year to acquire US company GE Appliances for $3.3 billion.

According to Dagens Industri, McLoughlin will remain in his post until the transaction is finalized later this year, following approval by U.S. regulators expected this summer.

The paper said GE Appliances head Charles Blankenship is considered the favourite to succeed McLoughlin in the event of his departure. 

Failing that, Dagens Industri said, Electrolux would likely choose a Swedish candidate for the top post.

In mid-morning trades on the Stockholm market Thursday, Electrolux stocks were trading 1.45% lower than Wednesday’s close, while the rest of the market was down 0.31%.

Copyright Agence France-Presse, 2015

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