On Thursday, Electrolux AB, the Sweden based Company, declared Keith McLoughlin as its new Chief Operating Officer.

Keith McLoughlin will replace President and Chief Executive Hans Straberg, as the latter is leaving the Company. Mr. McLoughlin will take over the post from January 1, 2011.

Mr. McLoughlin joined Electrolux in 2003, after serving U. S. manufacturing group DuPont Inc. for 22 years. Presently, he heads the operations of research and development, manufacturing and purchasing for Electrolux Major Appliances. Earlier, he was the Head of Electrolux Major Appliances North America.

Mr. Straberg started his career with Electrolux in 1983 and was given the position of CEO in 2002. He led the Company to heights with his restructuring program for the Company. He expressed that it was not easy for him to make the decision of new CEO, but he did his duty.

"We have undertaken a major transformation of Electrolux into a global consumer-driven company, and over the last four quarters we have achieved our target operating margin of 6%", said Mr. Straberg.

The Company survived through the recession by cutting jobs and relocating the factories to low-priced countries. The profit incurred by the Company for the first half of the year was 1.03 billion Swedish Kronor, a rise of 658 million Kronor from the previous year.