In a sudden development, Electrolux Kelvinator's chief Rajeev Karwal on Friday said he has resigned from the company.
"I have put in my papers," Karwal told PTI in New Delhi, though refusing to divulge further details.
The company had not been in the pink of health for sometime and there were even reports that it may stop production in India completely.
The resignation also assumes significance in the wake of speculations that Videocon may acquire the troubled Indian subsidiary of Sweden's AB Electrolux, close on the heels of acquiring the colour television tube business of French giant Thompson.
Karwal refused to specify the reason for his quitting and said: "I am not joining any company immediately."
"It is a sabbatical and in this time, I will evaluate my options," he said, adding that he had tendered the resignation on May 2."
"Normally we require to give a three months notice," he added.
Karwal, who had served the company for about three years, said the company had cut down its losses 'significantly' and was 'on the path of a turnaround from 2006.'
Even as there were speculations recently that the company may stop production in India or go in for a leveraged buy-out, AB Electrolux had made clear that it had no such plans.
However, it added that the company was going through restructuring and exploring several strategic options.
