Electrolux has appointed Yannick Fierling as new President and CEO of Electrolux Group effective January 1, 2025. Yannick Fierling succeeds Jonas Samuelson, who earlier this year informed the Board that he will leave his position by the end of the year.
Yannick Fierling has more than 20 years’ experience from the household appliances industry, most recently as CEO Europe for Haier Corporation during the years 2015 to 2024. Between 2000 and 2015, he held several senior positions within Whirlpool Corporation in Europe and globally.
Yannick Fierling starts at Electrolux Group on October 1 and will take on the formal role as President and CEO on January 1, 2025 after a three-month handover period.Yannick Fierling is 53 years old and a French citizen. He will be based in Stockholm. He holds two Master’s degrees in Mechanical Engineering from France and the United States.
Tag Archives: Electrolux Group
Electrolux returns to profit but no rebound expected at year-end
The Group’s losses in the US have been reduced but the market in Europe is still weak with the sole exception of Built-in Electrolux’s turnover increased 7% in the second quarter, from SEK 32.6 billion to SEK 33.8 billion (EUR 2.91 billion), “driven by higher volumes in all business areas”, the company said in a statement.
The Swedish group revises its operating profit: 0.42 billion crowns (36 million euros) corresponding to a margin of 1.2% which becomes 0.52 excluding non-recurring items. What happened? On the one hand, the cost measures are starting to be felt and have contributed 300 million crowns, on the other hand, the loss of the activities in North America has significantly reduced. Latin America has developed strongly but in Europe the market is still weak with the sole exception of Built-in .all is well? Not quite: CEO Jonas Samuelson warns that the group has “ revised the outlook for market demand in Europe, Asia-Pacific for the full year 2024 from neutral to negative we expect a negative price trend for the full year 2024, with a negative impact also on the second half. Increasing investments in marketing to capitalize on the momentum of our attractive product offering are producing good returns and, as in the second quarter, we plan to increase investments in innovation and marketing in the second half of 2024. ”
Electrolux Group divests South African water heater business
Electrolux Group has signed an agreement to divest its water heater business in South Africa under the Kwikot brand for an enterprise value of ZAR 2.4bn (approx. SEK 1.4bn) to Haier Smart Home.
The divestment includes the Kwikot brand and the production facilities for water heaters (geysers) located in Johannesburg, and is part of the previously communicated work to sharpen the Group’s strategic focus by divesting non-core assets.
The sale is expected to be completed during the fourth quarter of 2024 and is subject to regulatory approvals.
Jonas Samuelson will leave Electrolux Group
Jonas Samuelson will leave the position as President & CEO of Electrolux Group on January 1, 2025. “I have had the privilege – Samuelson comments – to serve for what will become nine years as President & CEO, so 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.
Electrolux Group Reannounces Recall of Frigidaire and Kenmore Electric Ranges
If you have an electric Kenmore or Frigidaire stove, you should check your model number to see if it’s been recalled.
200,000 stove tops from Kenmore and Frigidaire have been recalled by the United States Consumer Product Safety Commission because they pose a risk of fire or burn injury. If you have a Kenmore or Frigidaire electric cooktop that was purchased between June of 2001 and August of 2009, you should check to see if your stove is included in the recall. Here’s what you need to know about the recall and how to deal with a recalled stove
Over 200 incidents have been reported of the stoves exhibiting problems with the switches that control the burners. 14 fires and eight injuries due to burns and smoke inhalation have been caused by the faulty burners. There was an original recall issued in 2009, but Electrolux has reissued the recall because of the more than 200 reported incidents since then.https://www.cpsc.gov/Recalls/2024/Electrolux-Group-Reannounces-Recall-of-Frigidaire-and-Kenmore-Electric-Ranges-Due-to-Fire-and-Burn-Hazards-Multiple-Fires-and-Injuries-Reported
Jonas Samuelson will leave the position as President & CEO of Electrolux Group on January 1, 2025
After more than eight years as CEO and 16 years in the Group management team, Electrolux Group President & CEO Jonas Samuelson has today informed the Board of Directors that he will leave his position and the Board on January 1, 2025. The Board will now initiate a recruitment process for a successor
CDP gives Electrolux Group an “A” for climate leadership
CDP has included Electrolux Group in the A list, confirming its leading role in performance and transparency on climate change🌍 “This is a fantastic result that recognizes the commitment of the people in Electrolux Group. Each of us contributes to reducing the our impact on the climate, from using less energy in our industrial activities, to designing and selling more efficient products. But we cannot do it alone and we must continue to collaborate along the entire value chain”, says Elena Breda, Chief Technology & Sustainability Officer. Electrolux Group has been working to address climate change for years and recently announced its second science-based climate target to reduce greenhouse gas emissions in products and industrial activities, in support of the Paris Climate Agreement
Carbon Trust report names Electrolux Group as a leader in climate action
Electrolux Group has been named a leader in climate action in the air conditioning industry in the Carbon Trust report, which offers a snapshot of how the sector is transforming to tackle climate change. We are one of four global manufacturers of products containing refrigerants that have made a clear commitment to phase out gases with high global warming potential (GWP) and to have a plan to replace them with low or very low GWP gases. By the end of 2023, we had replaced high-GWP gases from 97% of our products containing refrigerants and insulation foams
Electrolux Group announced its second science-based climate target
Electrolux announced that it has set a new science-based climate target to reduce greenhouse gas emissions in products and operations in support of the Paris climate agreement. The new target comes after the Group achieved its previous science-based target three years ahead of plan. “We’re very proud – says Electrolux Group CEO Jonas Samuelson – to have our second science-based climate target approved at the end of 2023 by the Science Based Targets initiative after achieving our first science-based target three years ahead of plan. We’re focused on keeping up our momentum to drive climate action throughout our value chain”. The new target aims to reduce the company’s direct and indirect emissions resulting from its own operations (scope 1 and 2) by 85% and to reduce the Group’s absolute scope 3 emissions (use of sold products, materials, transport of products and business travel) by 42% between 2021 and 2030. The target is aligned with the Paris climate agreement, which aims to keep the global temperature rise within 1.5°C this century to avoid the most severe impacts from climate change. Electrolux Group was one of the first 100 companies in the world to set an ambitious climate target approved by the Science Based Targets initiative in 2018. With the new scope 1 and 2 target, the Group will achieve a 97% emission reduction in operations by 2030 compared with 2015. “The new science-based target – explains Elena Breda, Chief Technology and Sustainability Officer at Electrolux Group – will bring us close to zero emissions in operations by 2030, despite the challenging global economic outlook and some manufacturing processes to be addressed together with our suppliers. As approximately 85% of the global climate impact of an appliance is generated when it is in use, therefore by offering resource and energy efficient products is where we can have the greatest positive climate y and our scope 3 target supports our work on this
Electrolux Group reports loss in the fourth quarter – driven by North America
Electrolux Group announced today that operating income, excluding non-recurring items, in the fourth quarter of 2023 is estimated to be approx. SEK -0.7bn (-0.6). The underlying loss in business area North America is estimated at approx. SEK -1.4bn (-1.2), driven by intensified price pressure, lower volumes and elevated cost levels related to the cooking manufacturing transition.
Net sales in the fourth quarter for the Group is estimated to be approx. SEK 35.6bn (35.8), an organic decline of about 1%. Operating income for the Group is estimated to approx. SEK -3.2bn (-2.0) and includes non-recurring items of approx. SEK -2.5bn (-1.4). Cash flow generation was strong in the quarter, expected to lead to an operating cash flow after investments for the full year 2023 of approx. SEK 3bn (-6.1).
The main driver behind the loss in North America was intensified price pressure and weak demand during Black Friday, as well as the remainder of the year. Cost discrepancy between production located in North America compared to certain parts of Asia, as previously reported, driven by currency, raw material and inflationary impacts, has resulted in lower market price levels, particularly in refrigeration, which is a key category for business area North America.
As previously communicated, the finalization of the transition of cooking manufacturing in Springfield from the legacy factory, which was closed in the quarter, to the new factory impacted earnings in North America negatively, both in terms of additional costs and impact on product availability. The ramp-up of the new Springfield factory is expected to be finalized in terms of volumes and cost efficiency by the end of 2024.
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