“After nine fantastic years as president and CEO, 13 years in group management and 27 years in the company, I want to do something new,” said Stråberg in a statement. “Over the last four quarters we have achieved our target operating margin of 6 percent.”

McLoughlin is the company’s current executive vice president, COO and head of research and development, purchasing and manufacturing within major appliances. He will assume his new role on January 1st.

Previously, he was head of Electrolux Major Appliances North America and joined Electrolux in 2003.

“His focus will be to continue executing the Electrolux strategy,” Electrolux Chairman Marcus Wallenberg said in a statement of McLoughlin. “Keith has been deeply involved in developing and implementing the strategy, turned around the Electrolux North American major appliances operations and has already today a major global responsibility.”

Electrolux sells more than 40 million products in more than 150 markets annually. The company products include refrigerators, dishwashers, washing machines, vacuum cleaners and cookers sold under the Electrolux, AEG-Electrolux, Eureka and Frigidaire brands.

In 2009, Electrolux had sales of 109 billion kronor ($15.9 billion) and employed 51,000 staff.