Electrolux CEO steps down after failed takeover of GE unit

AP News
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Posted: Jan 11, 2016 4:46 AM

STOCKHOLM (AP) — Electrolux says Chief Executive Keith McLoughlin is stepping down and will be replaced by Jonas Samuelson, who currently heads the home appliance maker's Europe, Middle East and Africa business area.

The move comes a month after the Swedish company's bid to take over the appliance division of General Electric failed. The U.S. Justice Department opposed the $3.3 billion acquisition, saying it would harm competition.

In a statement Monday, McLoughlin said that with a successor lined up, "it is now time for me to pass the baton and return to my family in the U.S."

Samuelson will take over as CEO on Feb. 1.