Electrolux names appliances veteran Fierling as new CEO
Adds details, background, shares
STOCKHOLM, Aug 14 (Reuters) -Sweden's Electrolux ELUXb.ST, the world's second-biggest appliances maker, has appointed sector veteran Yannick Fierling as its new CEO, it said on Wednesday, sending its shares up.
Electrolux said Fierling, whose most recent position was as head of Chinese appliances and home electronics group Haier's European unit, would join the company in October and become CEO on Jan. 1, 2025.
He is succeeding Jonas Samuelson, who announced in April he would step down by the end of 2024 after eight years in the job.
Shares in the company were up 3% at 1049 GMT.
Electrolux swung back to profit last quarter as its North American arm picked up pace, having held back group earnings for years amid high costs, competition from market leader Whirlpool WHR.N and the slow ramp-up of a new factory.
But shares in Electrolux, which has many products aimed at premium users, are still down 31% over the past year as cash-strapped shoppers opt for lower-priced rivals such as China's Midea 000333.SZ.
The group in July cut its demand outlook for Europe and Asia-Pacific as high inflation continues to hold back consumer spending on big-ticket items.
"The board wants to reinforce and accelerate the strengths of Electrolux Group by bringing in new perspectives," Chairman Torbjorn Loof said in a statement.
"We are convinced that Yannick has the right background, insights and experience, as well as the drive and determination to take the company forward."
Reporting by Anna Ringstrom; Editing by Terje Solsvik and Mark Potter
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
