STOCKHOLM-Marcus Wallenberg, Electrolux’s chairman of the board, has told the board’s nomination committee that he will not stand for re-election to his post at the company’s annual meeting on March 26.
An Electrolux statement said Wallenberg would stand down because of new European Union regulations which will limit the number of board assignments allowed for the member of the board of a financial institution. The regulations will go into effect on July 1. Wallenberg will be subject to the regulations due to the fact that he is chairman of SEB, a Swedish financial group.
The nomination committee has proposed Ronnie Leten as Electrolux’s new chairman. Leten, who is currently deputy chairman, is also president and CEO of Atlas Copco, an industrial group which markets compressors, expanders and air treatment systems, construction and mining equipment, power tools and assembly systems.