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Michael Treschow to leave Electrolux

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11:44 CET+01:00
Michael Treschow will not stand for re-election as Chairman of the Board of Directors of Electrolux when the company holds its Annual General Meeting in April 2007. He has held the position since 2004.

“After having served in the roles of President & CEO, board member and chairman over the last ten years at Electrolux, I have decided to step aside at the end of the current term,” said Treschow in a statement.

“I am very pleased with the company’s current strategy and I am convinced that Electrolux is on the right track and headed in the right direction, so I am comfortable passing the reins to my successor," he added.

Treschow is also set to vacate his post as Chairman of the Board at the Confederation of Swedish Enterprise in the spring, having served the maximum three years.

He is unlikely to be idle however. Treschow remains Chairman of the Board at Ericsson and is also a member of the board at ABB.

And on Sunday, sources close to Reuters news agency revealed that he is likely to be named Chairman of the Board of Directors at Unilever in early February.

Treschow has been much in the news of late, following his claim last week that Sweden's leading executives were underpaid.

Speaking on Monday, finance minister Anders Borg told TV8 that he disagreed with Treschow's assessment.

"Top bosses in industry have given themselves very big pay increases," said Borg.

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