“I consider my mission accomplished” Hans Stråberg says as he steps down after spending 27 years at the home appliances maker.

• US energy-efficient rebate boosts Electrolux

Hans Stråberg, chief executive officer of the world's second biggest home appliances maker Elextrolux, steps down at year-end after nearly a decade at the post, the company said in a statement Thursday, adding it has appointed Keith McLoughlin – today responsible for R&D;, Manufacturing and Purchasing for Electrolux – as new CEO and President.

Marcus Wallenberg, Chairman of Electrolux, said he respected Stråberg's decision.

“I respect that Hans after his nine years as CEO wants to move on, although I’ll be sorry to see him go”, he said. “Under his leadership, Electrolux has successfully transformed and strengthened its position, and the market value of Electrolux has doubled”.

Hans Stråberg said he "wants to do something new” after spending 27 years working at the home appliances maker and that he will “develop my board assignments”.

“This was not an easy decision to make, but I consider my mission accomplished”, he said.