Bloomberg News

Electrolux Hires Assa Abloy’s Eliasson as Finance Chief

September 28, 2011

Sept. 28 (Bloomberg) -- Electrolux AB, the world’s second- biggest appliance maker, hired Assa Abloy AB’s Tomas Eliasson as chief financial officer replacing Jonas Samuelsson, who will be solely focused on a role overseeing Europe, the Middle East and Africa.

Eliasson is joining Electrolux from a similar role at Assa Abloy, the world’s largest maker of locks, the maker of Frigidaire appliances said in a statement. Electrolux and Assa Abloy are both based in Stockholm. Outgoing CFO Samuelsson will replace Enderson Guimaraes, who is taking up a position in North America with PepsiCo Inc.

Eliasson’s move from Assa Abloy comes after the company said Sept. 22 that its cost for closing or reshaping production facilities would be “somewhat higher” than previously believed. The economic slowdown is forcing Assa Abloy to accelerate its cost-cut efforts in Europe and North America, the company said then.

Electrolux declined as much as 2.5 percent and was down 2.3 percent at 104.8 kronor as of 9:59 a.m. in Stockholm. The shares have plunged 45 percent this year. Assa Abloy fell as much as 3.3 percent. It has dropped 23 percent so far in 2011.

--Editors: Andrew Noel, Jerrold Colten

To contact the reporter on this story: Ola Kinnander in Stockholm at okinnander@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net.


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