Changes to the Board of AB Electrolux
STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
Marcus Wallenberg, Chairman of the Board of Directors of Electrolux, has informed the Nomination Committee that he will not stand for re-election at the company’s Annual General Meeting on March 26. The reason is to ensure compliance with new EU regulations limiting the number of board assignments. Barbara Milian Thoralfsson has also declined re-election to the Board. The Nomination Committee proposes Ronnie Leten as new Chairman and Petra Hedengran as new Board Member.
The Committee also proposes re-election of Lorna Davis, Hasse Johansson, Keith McLoughlin, Fredrik Persson, Ulrika Saxon, Torben Ballegaard Sørensen and Bert Nordberg.
The new regulations will come into effect on July 1, 2014, and include limitations on the number of board assignments allowed for a member of the board of a financial institution. As Marcus Wallenberg is Chairman of SEB he will be affected by this.
Ronnie Leten has served on the Electrolux Board of Directors and as Deputy Chairman since 2012. He is currently President and CEO of Atlas Copco AB, an industrial group with world-leading positions in compressors, expanders and air treatment systems, construction and mining equipment, power tools and assembly systems. Ronnie Leten’s extensive industrial experience is valuable in a chairman role in Electrolux.
Petra Hedengran is General Counsel and member of the group management of the investment company Investor AB. She is also a Board Member of The Association for Generally Accepted Principles in the Securities Market and the Lindorff Group. She has previously worked as an attorney and partner at Advokatfirman Lindahl, and as General Counsel and Corporate Counsel within ABB. Petra Hedengran was born in 1964.
The Electrolux Nomination Committee comprises Börje Ekholm (Chairman), Investor AB; Kaj Thorén, Alecta; Marianne Nilsson, Swedbank Robur funds; and Johan Sidenmark, AMF. The committee also includes Marcus Wallenberg and Torben Ballegaard Sørensen, Chairman and Member, respectively, of the Electrolux Board.
Electrolux discloses the information provided herein pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 08.00 CET on February 21, 2014.
Electrolux is a global leader in home appliances, based on deep consumer insight and developed in close collaboration with professional users. We offer thoughtfully designed, innovative solutions for households and businesses, with products such as refrigerators, dishwashers, washing machines, cookers, vacuum cleaners, air conditioners and small domestic appliances. Under esteemed brands including Electrolux, AEG, Zanussi, Frigidaire and Electrolux Grand Cuisine, the Group sells more than 50 million products to customers in more than 150 markets every year. In 2013 Electrolux had sales of SEK 109 billion and 61,000 employees. For more information go to http://group.electrolux.com.
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