Electrolux can't seem to catch a break. Nearly a month after a deal with General Electric fell through, Electrolux's CEO has announced that he plans to retire, the New York Times reports. The deal with G.E. was a big one too, valued at $3.3 billion.
The deal was called off in December by Elextrolux when regulators failed to approve the merger. This resulted in Electrolux having to pay a termination fee of $175 million, according to Reuters.
Electrolux CEO Keith McLoughlin will step down on Feb. 1 and will be replaced by senior executive Jonas Samuelson.
"We will not change our basic strategy. We will continue to improve cost, quality and flexibility, through for example modularization of our product designs and through smart automation of our manufacturing processes," said Samuelson.
Since the breakup of the deal, shares for the company have seen little change, according to Bloomberg. Electrolux, however, has announced job cuts as a result.
Had the deal gone through, Electrolux would have grown exponentially and would have seen the gap in its competition with Whirlpool shrink noticeably.
Electrolux plans to continue pursuing smaller acquisitions in order to build its business and see its market position soar.
