Management

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Management remuneration Incentive programs

Members

Alberto Zanata portrait jpg

Alberto Zanata

President and Chief Executive Officer

President and Chief Executive Officer since 2009.

Born 1960. University Master’s degree in Electronic Engineering with Business Administration, Padua University, Italy.

Other assignments: –

Previous positions: Head of Professional Products, Executive Vice President within the Electrolux Group.

shares of Class B.

 

Paolo Schira jpg

Paolo Schira

President Business Area Laundry

President Business Area Laundry, since July 2022.

Born 1975. Master’s Degree, Engineering, University of Trieste, Italy.

Other assignments: –

Previous positions: Previously Senior Vice President Commercial Organization Europe, SVP Business Development, Electrolux Professional. Various senior positions within the Professional Products business area of the Electrolux Group, including SVP Business Development and Vice President Business Unit Laundry.

shares of Class B.

Camilla Monefeldt Kirstein jpg

Camilla Monefeldt-Kirstein

President Business Area Food Europe

President Business Area Food Europe since March 6, 2023.

Born in 1972. Master´s degree in Industrial Economics, Norwegian University of Science and Technology. Master´s degree in Operational Research, London School of Economics and Political Science.

Other assignments: –

Previous positions: Recently President Personal Equipment Protection Division at Hultafors Group. Previously Executive Vice President Snickers Workwear and Fristads AB, and various management positions at Oriflame Cosmetics, SAS Group, K-World, and Management consultant at McKinsey & Company.

shares of Class B.

bo

Bo Erickson

President Business Area Food Americas

President Business Area Food Americas, since January 1, 2025.

Born 1981. Bachelor’s degree in marketing and finance, Marquette University, USA.

Other assignments: –

Previous positions: Most recently Group President of Pentair’s Commercial Water Solutions with responsibilities for industry leading brands like Manitowoc Ice, Everpure Filtration, and KBI Beverage Services.

shares of Class B.

Philippe Zavattiero jpg

Philippe Zavattiero

President Business Area Beverage and Food Preparation

President Business Area Beverage and Food Preparation, since 2021.

Born 1961. Master’s Degree of Engineer, National Institute Polytechnique of Grenoble, France. Master’s degree ESSEC Business School Paris, France.

Other assignments: Board member of Institut Paul Bocuse, France.

Previous positions: SVP & GM Europe Electrolux Professional, SVP of the Commercial Organization Europe within the Professional Products business area of the Electrolux Group. Board member of Institut Paul Bocuse, France.

shares of Class B.

Richard Flynn jpg

Richard Flynn

President Business Area Food APAC & MEA

President Business Area Food APAC & MEA, since July, 2022.

Born 1980. Business management, University of Gloucestershire, England.

Other assignments: –

Previous positions: SVP Commercial Organization APAC & MEA, Sales Director Chains, APAC & MEA. Various roles within Electrolux Professional in both Europe and Asia.

shares of Class B.

Fabio Zarpellon jpg

Fabio Zarpellon

CFO

CFO since 2009.

Born 1967. Degree, Business Administration, Ca’ Foscari University of Venice, Italy. President, La Vela srl.

Other assignments: President, La Vela srl.

Previous positions: CFO of Professional Products within the Electrolux Group.

shares of Class B.

Carlo Mario Caroni jpg

Carlo Mario Caroni

Chief Operations Officer (COO)

Chief Operations Officer (COO) , since July 2014.

Born 1968. Master university degree in Mechanical Engineering in Economics and Management, Politecnico di Torino, Italy.

Other assignments: Board member of Fondazione Ergo.

Previous positions: SVP Global Operations within the Professional Products business area of the Electrolux Group.

shares of Class B.

Pia Hovland jpg

Pia Hovland

Chief Human Resources Officer (CHRO)

Chief Human Resources Officer (CHRO) – since October, 2020.

Born 1965. Bachelor´s degree in Computer Science.

Other assignments: –

Previous positions: Various senior HR positions in Britannia Airways, Effnet Group and Electrolux including SVP HR, Communications & Continuous Improvement at Electrolux Business Area Europe.

shares of Class B.

JACOB-2

Jacob Broberg

Chief Communication & Investor Relations Officer

Chief Communication & Investor Relations Officer, since 2019.
Born 1964. B.A., Political Science and Economics, Lund University, Sweden.

Other assignments: Chairman Stiftelsen Svenska Dagbladet, Board member SIRA – Swedish Investor Relations Association.

Previous positions: SVP Corporate Communicans and Investor Relations, Cloetta AB.

shares of Class B.

Cecilia Swolin

Cecilia Swolin

General Counsel

General Counsel, since November 1, 2025.

Born 1978. Master of Laws (LL.M.), University of Gothenburg.

Other assignments: –

Previous positions: General Counsel at Northvolt AB, various senior legal roles at Elekta AB, including Head of Legal, Managing Director at Elekta Instrument AB, associate at Cederquist law firm and Mannheimer Swartling law firm.

Holdings: – shares of Class B

Guilhem Senegas jpg

Guilhem Senegas

Chief Information Officer (CIO) and Head of Digital Transformation

Born 1975.

Chief Information Officer (CIO) and Head of Digital Transformation, since January 2020.

Education: Master’s degree in engineering from CentraleSupelec, Paris and MBA from Le Collège des Ingénieurs, Paris.

Other assignments: –

Previous positions: Various Senior IT roles for bioMérieux & Mérieux Nutrisciences, IT consultant for Capgemini.

shares of Class B.

 

Management remuneration

Remuneration guidelines for executive management are resolved upon by the AGM. The Group management team consists of the CEO and ten other members. The remuneration terms shall emphasize ‘pay for performance’ and vary with the performance of the individual and the Group. The total remuneration for the Group management team shall be tied strongly to the position held, be in line with market practice and may comprise the following components:

  • Fixed compensation.
  • Variable compensation.
  • Other benefits such as pension and insurance.

Following the ”pay for performance ”principle, variable compensation shall represent a significant portion of the total compensation opportunity for group management. Variable compensation shall always be measured against pre-defined targets and have a maximum above which no pay-out shall be made.

Remuneration guidelines for Group Management_2024 was adopted by the Annual General Meeting 2024.

Remuneration reports

The Electrolux Professional Group Remuneration report is included in the Annual report that can be found here.

Long-term incentive programs

The intention with Electrolux Professional’s long-term incentive plans (LTI) is to be able to attract and retain competent senior employees, and to increase the commitment and the motivation of the program participants. The plans have been designed to align management incentives with shareholder interests.

Programs

Performance based, long-term share program for 2025
The proposal for Electrolux Professional’s performance based, long-term share program for 2025 and hedging measures relating thereto was approved by the AGM 2025.  The Share Program 2025 corresponds in all material respects to last year’s long-term share program (“Share Program 2024”).

Compared to the Share Program 2024, the Board of Directors proposes that the minimum and maximum levels for generating an outcome in relation to the CO2 emission reduction target are amended to a Year-on-Year CO2 emission reduction with at least 300 tonnes (minimum level) and 550 tonnes or more (maximum level), respectively.

Objectives

The Board is convinced that the proposed program will be beneficial to the Company’s shareholders as it will contribute to the possibilities to recruit and retain competent employees, is expected to increase the commitment and the motivation of the program participants and will strengthen the participants’ ties to the Electrolux Professional Group and its shareholders.

Description of the key terms

The program is proposed to include up to 35 senior managers and key employees of the Electrolux Professional Group, who are divided into four groups; CEO and President (”Group 1”); other members of Group Management and other Senior Managers (“Group 2-3”); as well as certain other key employees (”Group 4”). Invitation to participate in the program shall be provided by Electrolux Professional no later than May 30, 2025.

Participants are offered to be allocated Performance Shares, provided that the participant remains employed until January 1, 2028. Exemptions to this requirement may be prescribed in specific cases, including a participant’s death, disability, retirement or the divestiture through a sale, spin-off or otherwise of the participant’s employing company from the Electrolux Professional Group.

Costs for the Share Program 2024
The total costs for the Share Program 2025 if the maximum number of Performance Shares are delivered, are estimated to a maximum of SEK 72m, which corresponds to approximately 3 per cent of total employment cost for 2024. The costs will be recognized over the years 2025-2027.

Details of the Share program is described in the Notice AGM 2025.

The Annual General Meeting resolved to implement a performance based, long-term share program for 2024.

Compared to the Share Program 2023, the Board of Directors proposes for the Share Program 2024 that the financial performance target operating cash flow after investments is replaced by return on net assets and that the minimum and maximum levels for generating an outcome in relation to the CO2 emission reduction target are amended to a Year-on-Year CO2 emission reduction with at least 200 tonnes (minimum level) and 700 tonnes or more (maximum level), respectively. The financial performance target earnings per share remains.

Objectives
The Board is convinced that the proposed program will be beneficial to the Company’s shareholders as it will contribute to the possibilities to recruit and retain competent employees, is expected to increase the commitment and the motivation of the program participants and will strengthen the participants’ ties to the Electrolux Professional Group and its shareholders.

Description of the key terms
The program is proposed to include up to 35 senior managers and key employees of the Electrolux Professional Group, who are divided into four groups; CEO and President (”Group 1”); other members of Group Management and other Senior Managers (“Group 2-3”); as well as certain other key employees (”Group 4”). Invitation to participate in the program shall be provided by Electrolux Professional no later than May 24, 2024.

Costs for the Share Program 2024
The total costs for the Share Program 2024 if the maximum number of Performance Shares are delivered, are estimated to a maximum of SEK 70m, which corresponds to approximately 3 per cent of total employment cost for 2023. The costs will be recognized over the years 2024-2026.

Details of the Share program is described in the Notice AGM 2024.

The Annual General Meeting resolved to implement a performance based, long-term share program for 2023. Compared to previous years’ long-term incentive programs, the Board of Directors proposes for the Share Program 2023 that the number of performance targets is increased to three, whereby a new performance target linked to CO2 emission reduction is introduced.

Objectives
The Board is convinced that the proposed program will be beneficial to the Company’s shareholders as it will contribute to the possibilities to recruit and retain competent employees, is expected to increase the commitment and the motivation of the program participants and will strengthen the participants’ ties to the Electrolux Professional Group and its shareholders.

Key terms
The program is proposed to include up to 35 senior managers and key employees of the Electrolux Professional Group, who are divided into four groups; CEO and President (”Group 1”); other members of Group Management and other Senior Managers (“Group 2-3”); as well as certain other key employees (”Group 4”). Invitation to participate in the program shall be provided by Electrolux Professional no later than May 26, 2023.

Costs for the Share Program 2023
The total costs for the Share Program 2023 if the maximum number of Performance Shares are delivered, are estimated to a maximum of SEK 68m, which corresponds to approximately 3 per cent of total employment cost for 2022. The costs will be recognized over the years 2023-2025.

Details of the Share program 2023 is described in the Notice AGM 2023

The Annual General Meeting resolved to implement a performance based, long-term share program for 2022.

Objectives
The Board is convinced that the proposed program will be beneficial to the Company’s shareholders as it will contribute to the possibilities to recruit and retain competent employees, is expected to increase the commitment and the motivation of the program participants and will strengthen the participants’ ties to the Electrolux Professional Group and its shareholders.

Key terms
The program is proposed to include up to 35 senior managers and key employees of the Electrolux Professional Group, who are divided into four groups; CEO and President (”Group 1”); other members of Executive Management and Senior Managers, as well as certain key employees in USA (“Group 2- 3”); as well as certain other key employees (”Group 4”). Invitation to participate in the program shall be provided by Electrolux Professional no later than May 27, 2022. b) Participants are offered to be allocated Performance Shares, provided that the participant remains employed until January 1, 2025.

Costs for the Share Program 2022
The total costs for the Share Program 2022 if the maximum number of Performance Shares are delivered, are estimated to a maximum of SEK 65m, which corresponds to approximately 3 per cent of total employment cost for 2021. The costs will be recognized over the years 2022-2024.

Details of the Share program 2022 is described in the 2022 AGM notice

The Annual General Meeting 2021 resolved to implement a performance based, long-term share program for 2021.

Objectives
The Board is convinced that the proposed program will be beneficial to the Company’s shareholders as it will contribute to the possibilities to recruit and retain competent employees, is expected to increase the commitment and the motivation of the program participants and will strengthen the participants’ ties to the Electrolux Professional Group and its shareholders.

Key terms
The program is proposed to include up to 30 senior managers and key employees of the Electrolux Professional Group, who are divided into four groups; CEO and President (”Group 1”); other members of Executive Management and Senior Managers (“Group 2-3”); as well as certain other key employees (”Group 4”). Invitation to participate in the program shall be provided by Electrolux Professional no later than May 27, 2021. Participants are offered to be allocated Performance Shares, provided that the participant remains employed until January 1, 2024.

Costs for the Share Program 2021
The total costs for the Share Program 2021 if the maximum number of Performance Shares are delivered, are estimated to a maximum of SEK 49m, which corresponds to approximately 2 per cent of total employment cost for 2020. The costs will be recognized over the years 2021-2023.

Details of the Share program 2021 is described in the 2021 AGM notice

Long-term cash based incentive program 2020

There is currently a long-term cash based incentive program for senior executives and key employees in place (“LTI program 2020”), comprising up to 25 participants. Subject to the fulfilment of certain predefined performance targets, participants in the program may be entitled to receive a cash award at the end of a three-year period. The measurement period for the fulfilment of the targets is one year. The performance targets are:

(i) Earnings per share
(ii) Operating cash flow after investments

The Board of Directors will set maximum and minimum level for each of the performance targets (i) and (ii). If the maximum performance level is reached or exceeded, the cash award will amount to (and will not exceed) the maximum cash award that may be paid under the program. If performance is below the maximum level but exceeds the minimum level, a proportionate payment of the cash award will be made. No payment will be made if performance is at or below the minimum level. For any payment to be made, the participant must also, as a general rule, remain employed during the entire three-year period. The size of the maximum cash award is dependent on the participant’s position and may amount to a maximum of 100 percent of the annual base salary.

The participants are required to purchase shares for any cash award received under the program, net any income tax, and hold such shares for a period of two years after purchase. The purpose of the LTI program 2020 is thus for the participants to build up a shareholding in the Company in order to create a common interest between the participants and the shareholders of a good long-term development for Electrolux Professional.

The total estimated cost for the LTI program 2020 is SEK 15.5m excluding social security costs (based on a maximum number of participants and that the performance level is at midpoint). The total estimated maximum cost for the LTI program 2020 is SEK 31m excluding social security costs (based on the maximum number of participants and maximum performance level (100 percent of the maximum)).