STOCKHOLM Sweden's Electrolux, the world's second-biggest appliances maker, has appointed sector veteran Yannick Fierling as its new CEO, it said on Wednesday, sending its shares up.

Electrolux said Fierling, whose most recent position was as head of Chinese appliances and home electronics group Haier's European unit, would join the company in October and become CEO on Jan 1, 2025.

He is succeeding Jonas Samuelson, who announced in April he would step down by the end of 2024 after eight years in the job.

Shares in the company were up 3% at 1049 GMT.

Electrolux swung back to profit last quarter as its North American arm picked up pace, having held back group earnings for years amid high costs, competition from market leader Whirlpool WHR.N and the slow ramp-up of a new factory.

But shares in Electrolux, which has many products aimed at premium users, are still down 31% over the past year as cash-strapped shoppers opt for lower-priced rivals such as China's Midea.

The group in July cut its demand outlook for Europe and Asia-Pacific as high inflation continues to hold back consumer spending on big-ticket items.

"The board wants to reinforce and accelerate the strengths of Electrolux Group by bringing in new perspectives," chairman Torbjorn Loof said in a statement.

"We are convinced that Yannick has the right background, insights and experience, as well as the drive and determination to take the company forward."

  - Reuters