The Electrolux Group continues its cost reduction project in order to improve margins. The goal is to achieve savings of 10-11 billion Swedish crowns (840-920 million euros) in 2024 compared to 2022. In the past the savings target was 7 billion crowns.
Among the measures announced when sharing Q3 results, the group will be reorganized into three regional divisions and two global product lines reporting to the CEO to reduce top management levels.The company posted a third-quarter net profit of SEK123 million from a loss of SEK605 million,Sales fell 5.2% to SEK33.43 billion, versus the SEK34.1 billion
Tag Archives: AB Electrolux
Electrolux new chairman
As previously communicated, Staffan Bohman has announced that he will not be available for re-election at the Annual General Meeting 2024. The Nomination Committee proposes that Torbjörn Lööf is elected as new Chairman of the Board at the Annual General Meeting of AB Electrolux on March, 27, 2024.
Torbjörn Lööf is Board member of Husqvarna AB, Essity Aktiebolag, AB Blåkläder and Mercer International Inc. During the period 1989-2020, Torbjörn Lööf has held several senior management positions within the IKEA-sphere. Among other positions, he has been CEO of Inter IKEA Holding, Inter IKEA Systems and IKEA of Sweden. He has also held senior management positions at IKEA in Sweden and Italy and been Chairman and Board member of numerous IKEA-companies.
Torbjörn Lööf is born 1965 and is a Swedish citizen.
Torbjörn Lööf has a solid background within the IKEA-sphere with extensive experience of working with a strong brand, global supply chains and strategic ability to develop and successfully adapt the business in a changing global environment as well as experience as Board member of public companies. It is the opinion of the Nomination Committee that this makes him very well suited as Chairman of AB Electrolux to lead the company’s ongoing work to sharpen its strategic focus to grow profitably in selected home appliance categories in the mid- and premium segments and enable return to good results and profitability levels and achieving the company’s financial targets.
The Nomination Committee’s complete proposal will be presented in the notice to the Annual General Meeting 2024
Electrolux Australia Revenues & Profits Fall,
Despite revenues of close to a billion dollars in the Australian operation Swedish appliance Company Electrolux Home Products, has only managed to deliver a $70.24M profit According to their latest financials the Company saw revenues fall from $950.7 million to $932.3 million according to returns filed last month for the 2022 calendar year.Another problem for the business is New Zealand where competitors have stripped market share with both revenue and profits falling.
In New Zealand Electrolux saw revenues fall from $89.5M to $70.9M.
AB Electrolux Chairman Staffan Bohman declines re-election
Staffan Bohman has today notified the AB Electrolux Nomination Committee that he will not be available for re-election as Chairman of the Board of AB Electrolux at the Annual General Meeting in 2024.
Staffan Bohman has been Chairman since 2018. He is also a member of the Audit Committee and the People Committee.
The Nomination Committee’s process of proposing a successor has been initiated
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