(Reuters) – Sweden’s Electrolux, the world’s second-largest appliance maker, said on Wednesday it had appointed industry veteran Yannick Fierling as its new chief executive.
Yannick Fierling, previously head of the European unit of Chinese competitor Haier, will join the company in October and take up his post as CEO on January 1, 2025.
He succeeds Jonas Samuelson, who announced in April that he would step down at the end of 2024 after eight years at the helm of the company.
The company’s shares were up 3% at 1049 GMT, but are down 31% for the year as consumers grapple with rising living costs.
Electrolux returned to profit last quarter thanks to better results from its North American unit, which has long been hit by high costs, competition from market leader Whirlpool and the slow start-up of a new plant.
In July, the group downgraded its demand outlook for Europe and Asia-Pacific as high inflation continued to constrain consumer spending on big-ticket items.
“The board of directors wants to strengthen and accelerate the strengths of the Electrolux Group by bringing new perspectives,” said Torbjorn Loof, chairman of the board, in a statement.
(Written by Anna Ringstrom, Leo Marchandon, edited by Kate Entringer)
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