Electrolux CEO Keith McLoughlin to retire Feb. 1

Keith McLoughlin is stepping down as CEO of Electrolux, marking the latest change at the Swedish appliance maker that bases its North American operations in Charlotte.

McLoughlin’s departure comes about a month after GE called off the $3.3 billion sale of its appliance unit to Electrolux. The deal had come under fire from the U.S. Justice Department, which said it would result in the companies dominating the U.S. cooking appliance market, alongside competitor Whirlpool.

Electrolux said executive Jonas Samuelson will assume the role of president and CEO after McLoughlin’s Feb. 1 retirement.

In addition to his global CEO post, McLoughlin has also acted as interim CEO of Electrolux’s North American division since April, when Jack Truong resigned from the position on the same day the company warned its earnings would be lower than expected.

In a conference call with analysts on Monday, Samuelson said the company has identified candidates for the new CEO of the North American business but couldn’t say exactly when the new leader will be named.

“I have great confidence we will be able to do that quickly,” Samuelson said.

McLoughlin, 59, will consult with the new CEO of the company’s Charlotte-based North American business, a position that will be announced “very soon,” Electrolux spokeswoman Eloise Hale said. She reaffirmed the North American headquarters will remain in Charlotte.

Some analysts have suggested McLoughlin could lose his job over the failed GE acquisition, but the company had indicated as recently as last month that his job was safe, with the company’s chairman, Ronnie Leten, saying the CEO was doing a “fantastic job.”

On Monday, Leten said it was time for a change.

“We believe with the strong foundation in place, it’s now the right time for a new leader to continue to drive the company forward and to capitalize fully on the opportunities we have had,” Leten said in the conference call.

McLoughlin said his retirement timing is appropriate given the company’s currently strong financial position and its internal succession plans.

“With this strong foundation in place, and having a well-prepared internal successor in Jonas, it is now time for me to pass the baton and return to my family in the U.S,” McLoughlin said in a statement Monday.

McLoughlin, an American, has been based at the appliance maker’s headquarters in Stockholm. He became CEO in early 2011, replacing Hans Straaberg.

Electrolux employs about 850 people at its North American headquarters in the University City area.

“We remain committed to the city and the community and having deep roots here in Charlotte,” Hale said.

The company hasn’t yet said whether it will move ahead with the expansion of an R&D facility that would double the Charlotte headquarters’ size.

Samuelson, 47, joined Electrolux in 2008 and currently is head of the business area Electrolux Major Appliances Europe, Middle East and Africa.

This story was originally published January 11, 2016 at 9:18 AM with the headline "Electrolux CEO Keith McLoughlin to retire Feb. 1."