Jonas Samuelson issues final earnings commentary
YSN Staff
The clock is ticking on Jonas Samuleson’s tenure at Electrolux.
The former CFO turned president/CEO is set to leave the company on Jan. 1 after giving eight months’ notice — enough time for the Swedish appliance giant to find Samuelson’s successor in French mechanical engineer Yannick Fierling.
In his final quarterly earnings commentary, below, Samuelson shares the company’s steadily improving results for the three months ended Sept. 30 and reflects on his nearly nine years in the corner office.
Samuelson Speaks…
Looking at the third quarter, while market conditions remained challenging … we continued to make progress on our cost initiatives.
In North America, the operating loss continued to narrow. We are making progress in our work to improve productivity and reduce cost, but market conditions remain challenging. Productivity in our new cooking plant in Springfield is gradually improving as planned.
Demand in North America has been stable year to date, supported by the aggressive pricing environment, despite weak housing markets. Price was negative during the first nine months of 2024, with price pressure in North America reflecting the lower price levels established in late 2023. However, the promotional intensity in North America has stabilized sequentially throughout the year.
Reflections of a CEO
After 16 years with Electrolux Group and nearly nine years serving as CEO, effective January 1, 2025, I will hand over the role of CEO to Yannick Fierling. I wish him all the best in leading this great company.
I am proud of the work the entire team has done to fundamentally transform the company, especially while navigating the challenging market conditions in recent years. Electrolux Group has sharpened the strategic focus, among other [ways], by streamlining the organization. We have successfully delivered sustainable, consumer experience-driven innovation, leveraging our focus on our three main brands, Electrolux, AEG and Frigidaire, leading to industry-leading consumer star ratings and continuous sales mix improvements.
We have executed on the significant re-engineering investment program, focused on increased modularization, automation and resource efficiency. The new modularized product architectures enable us to significantly leverage our global scale with shorter and more cost-efficient time-to-market of new products, features and digital solutions.
Looking Ahead
Once consumer demand in our main markets recovers, we are well situated to fully benefit from our position in select mid- and premium categories with our competitive product and service offering. Our key priorities are to continue to execute on and further accelerate our ambitious cost-reduction efforts and consumer-focused innovation, leveraging our more simplified organization to continue restoring margins and return to profitable growth.
Jonas Samuleson, President & CEO
