STOCKHOLM (Reuters) -Sweden's Electrolux, the world's second-biggest appliances maker, said on Thursday its CEO of eight years Jonas Samuelson will step down on Jan. 1, 2025.
Electrolux said in a statement Samuelson had informed the company of his decision to also leave the board, which will now launch a search for a successor.
"I currently have no plan to take on any other operational role after leaving the group and will be available to support the company and my successor also after Jan. 1, 2025," Samuelson said in the statement, without providing any details.
Electrolux, with many products aimed at premium users, has been struggling to compete with lower-price rivals such as China's Midea.
In February Electrolux predicted that consumer sentiment would stay weak in early 2024, with shoppers preferring cheaper options, but that demand in its major markets would stabilise throughout the year.
Its North America division has struggled with delays in reaching full capacity at a new appliance factory, weak demand and intense price competition.
Electrolux, whose biggest rival is Whirlpool (NYSE:WHR), is due to report quarterly results on Friday.