Wallenberg’s appointment comes ahead of the imminent departure of Michael Trescow, who will give up the chairmanship at the company’s annual general meeting on April 16th. Treschow was recently made chairman of British-Dutch consumer products group Unilever.
Marcus Wallenberg is currently chairman of SEB bank, defence company Saab and International Chamber of Commerce (ICC). He is also a vice chairman of telecom giant Ericsson, where Michael Treschow is chairman.
Wallenberg has been on board of Electrolux since 2005, and had been widely viewed as a leading candidate to take over from Treschow. The Wallenberg’s family’s holding company Investor controls 27.6 percent of the voting rights in the Swedish domestic appliance maker.
Taking over the chair of Electrolux strengthens Marcus Wallenberg’s leading role in Swedish business. The only other Swedish businessman who holds as many chairmanships of major companies is Sverker Martin-Löf, who presides over the boards of forestry company SCA, steelmaker SSAB and construction giant Skanska. Martin-Löf is also a vice-chairman of Ericsson.
Marcus Wallenberg is one of his family’s two leading representatives in Swedish business. His cousin Jacob is chairman of Investor and vice-chairman of SEB, Atlas Copco and SAS.
Michael Treschow, until recently one of the top names in Swedish business, is now set to keep a lower profile in his homeland. As well as giving up the Electrolux chair, he recently quit as chairman of Ericsson, and is leaving his role as chairman of the Confederation of Swedish Enterprise. His new role at Unilever will, however, give him a high profile internationally.