Swedish appliance maker Electrolux AB said Thursday that its president and chief executive Hans Straberg has resigned and will be replaced by vice president Keith McLoughlin, according to AP. The company, which makes refrigerators and vacuum cleaners, said McLoughlin will take over as CEO from the start of 2011. He is currently in charge of research and development, manufacturing and purchasing for Electrolux's major appliances division. Straberg said in a statement that after nine years as CEO of Electrolux, he felt it was time to do something new. He said he will now start working with a «portfolio of growth companies» and develop his board assignments. «This was not an easy decision to make, but I consider my mission accomplished,» he said. «Over the last four quarters we have achieved our target operating margin of 6 percent.» Shares in Electrolux dropped 0.3 percent to 161.4 kronor ($23.6) in early Stockholm trading. Electrolux chairman, Marcus Wallenberg said he was sorry to see Straberg leave, but pleased that McLoughlin wanted to take over. McLoughlin, 54, joined Electrolux in 2003 as head of Major Appliances North America. Before that, he worked for 22 years with U.S. chemical company DuPont. Electrolux in July reported a 56 percent rise in net profit to 1.03 billion Swedish kronor ($140 million), mainly due to increased cost-savings.
