Jonas Samuelson to end nine-year run on Jan. 1
By Alan Wolf, YSN
Electrolux President and CEO Jonas Samuelson will step down from his post on Jan. 1, 2025, after nine years in that role.
Samuelson said he announced his departure eight months in advance to give the Electrolux board ample time to find its next CEO. He pledged to remain dedicated to his job through year’s end and, with no plans for another management role, said he would be available to support the company and his successor after leaving the corner office.
“I felt that early next year is a good time to hand over to a successor who can put all energy into leading this great company into the next phase during the coming years,” he said in a statement.
A 16-year veteran of the manufacturer’s senior management team, Samuelson joined the business in 2008 as CFO and went on to head its appliance operations in Europe, the Middle East and Africa before succeeding Keith McLoughlin as chief executive in 2016.
In a statement, Chairman Torbjörn Lööf said, “I fully respect and understand Jonas’s decision to leave after having led the group successfully during many years.” The company said the board will now begin a search for its next CEO.
Samuelson said he’s leaving the company with “a clear strategic direction” that focuses on the mid- and premium segments, a modular approach to design and production, and ambitious cost reduction.
The announcement came one day before Electrolux released its first-quarter earnings results, which showed a 5% decline in net sales and a 181% drop in operating income for the three months ended March 31 due to “challenging market conditions.”
Samuelson specifically cited “the cumulative effect of high inflation, high interest rates and geopolitical tensions,” which continue to weigh on consumer sentiment, compounded by price pressure and a highly promotional environment in its key North American market. There, Q1 sales slipped 13% and operating margin fell 1,204% year over year.
