STOCKHOLM (AP) -- Swedish appliance maker Electrolux AB Thursday said its president and chief executive Hans Straberg has resigned and will be replaced by company vice president Keith McLoughlin.
McLoughlin, of Long Island, New York, will become the first non-Swede to run Electrolux when he takes over as CEO at the start of 2011, the company said.
He is currently in charge of research and development, manufacturing and purchasing for Electrolux's major appliances division.
Straberg said in a statement that after nine years as CEO of Electrolux, he felt it was time to do something new. He said he will now start working with a "portfolio of growth companies" and develop his board assignments.
"This was not an easy decision to make, but I consider my mission accomplished," he said. "Over the last four quarters we have achieved our target operating margin of 6 percent."
Shares in Electrolux, which makes refrigerators and vacuum cleaners, dropped 1.7 percent to 159.1 kronor ($23.2) in early Stockholm trading.
Electrolux chairman Marcus Wallenberg said he was sorry to see Straberg leave, but pleased that McLoughlin wanted to take over.
Investor AB, the Swedish investment group controlled by the Wallenberg family, is the biggest shareholder in Electrolux, with 12.7 percent of the share capital.
McLoughlin, 54, joined Electrolux in 2003 as head of the Major Appliances North America unit. Before that, he worked for 22 years for U.S. chemical company DuPont.
He has an engineering degree from the United States Military Academy at West Point.
Electrolux's appointment of a non-Swede as CEO isn't likely to make waves in Sweden, where national treasures such as car brands Volvo and Saab have previously been sold to foreign owners.
Electrolux in July reported a 56 percent rise in net profit to 1.03 billion Swedish kronor ($140 million), mainly due to increased cost-savings.
