Round and round, they all get recycled. It's not really a renewal of the top management with new names but at least, with this umpteenth round of waltzing that it sees Yannick Fierling appointed from today to top di Electrolux, it is confirmed that, to best manage the companies in the white sector and especially in times of crisis, the best are European. With an enlightening observation expressed by a former Italian big manager with a long experience: "It is the first time that a manager coming from within has not been appointed at these levels, and it is a strong discontinuity in Swedish culture that would lead one to think of an important next decision". And that is, as we have already underlined recently, or a hard one renovation starting in September or a rapid sale. Therefore, the appointment would conclude a process of reorganization and strong investments that have brought Electrolux, its factories and its products to the highest global levels of eco-sustainability (that with European regulations), which, in the face of market and climate changes, has become for the world of finance and beyond, a winning asset because it is essential.
In the face of a chaotic and constantly changing situation, and above all the great risks for employment (the market continues to decline sharply and layoffs are increasing in all factories), how is Fierling's appointment seen? “We are waiting for the government to summon us in September, as Minister Urso promised, for the consultation table for our sector, which we believe is necessary also following this appointment and the commitments made with us at the time. We ask – he declares Maximilian Nobis, Fim Cisl National secretary - measures suitable to support the market which is still in great difficulty. But no incentives."
The tour of top managers
Summarizing the situation of the framework of European M&A, Fierling, as CEO of Haier Europe (after having held the same role in Whirlpool EMEA), had initiated and followed the expansion of the company and in particular the relaunch of what was left of the Candy acquired in 2019 by the Chinese giant for 500 million euros. Within a few years he had achieved very rapid growth for Haier Europe, bringing it to over 2023 billion euros in turnover in 4. Why did Electrolux choose Fierling? Fierling knows the mechanisms, managers and the complicated world of Chinese multinationals very well. He can therefore manage the foreseeable sale of Electrolux to one of the Chinese giants (provided that America and Europe do not strongly oppose this solution). But, with his long experience in the consumer goods sector, he is also a good expert in relaunches but less so in industrial restructuring. As Electrolux has communicated, Fierling will join the company in October and will assume the role of CEO in January 2025, succeeding Jonas Samuelson, who announced earlier this year that he would leave the position by the end of 2024. As for the CEO role at Haier Europe, it has been in place since April Neil Tunstall, who, for the past seven months, had served as Haier's managing director for the UK and Ireland. According to the experts' comments, he would appear to be a figure of less dynamism than Fierling and, in any case, Haier has been in a strong stalemate in recent months, after very costly investments and very rapid expansion, which the strong market crisis it's destabilizing.
Morel always on track
as to Whirlpool, we remind you that after the agreement between the Corporation and Beko for the sale of 70% of the American company's EMEA activities, the ceo Gilles Morel, the skilled director of the rapid agreement, is no longer at the top of Whirlpool EMEA, but is still vice president of Whirlpool corporation as the Benton Harbor company is a co-owner of Beko Europe, the new joint venture in which Beko holds the majority. This is the rapid picture of changes at the top of European companies. However, the German board remains solid Bosch which, after having expressed its intention to create a joint venture with Whirlpool America, has acquired the assets of Johnson Controls and Hitachi for 8 billion dollars, becoming the global protagonist of air conditioning and alternative energy for the consumer and small retail world. But with the official statement from the board that this was only the first of a series of large and even less large acquisitions in the smart home and home technology sector. Thus, Bosch has also entered the risk of white, which must grow on the European and world markets to successfully counter the gigantic shock wave in Europe and North America of the Chinese giants. Because I'm not just there Midea (which has also been engaged for a year in a very difficult process of listing on the Hong Kong Stock Exchange, which only recently ended positively), Hisense e Haier, but also Tcl (big global white and brown). As a European manager of the multinational declared to FIRSTonline in a recent interview, the company plans growth through acquisitions. And how are sales going? Bad, very bad all over the world. Constantly rising prices due to the exponential increase in transport (wars and blockades of maritime logistics straits), inflation and conflicts: these are the braking factors that have been acting for two years now, blocking family purchases. Another approximately minus 5% drop in demand in Italy in recent months, especially with regards toConsumer electronics.
