Mon, October 03, 2022

Philips CEO Leaves

Philips CEO Leaves

Philips stated that Roy Jakobs, head of the company’s Connected Care businesses would substitute Van Houten on Oct. 15. However, Vans’ third term as CEO was not expected until April.

The company will hold a shareholder conference on Sept. 30. It will establish Jakobs as CEO, who entered the company in 2010.

In early Amsterdam trading, Philips shares rose by 2.2%. Still, down by more than a half. The drop came after the company recalled 5.5M ventilators in July 2021, crucial to minister sleep apnoea.

The foam employed for sound dampening can degrade and cast small particles that irritate the lungs. At the same time, the company stated that gases emitted by the diminishing foam might also be toxic or bring cancer.

New Focus For Philips

This punch to Philips’ reputation could have led it to pick an outsider as CEO. However, Feike Sijbesma, supervisory board chairman, spoke that Roy was the right choice.

During his time as CEO for almost twelve years, 62-year-old Van Houten transformed a once-sprawling conglomerate into a concentrated healthcare specialist. The company successfully evolved its consumer electronics and lighting divisions.

Philips now concentrates on medical imaging, monitoring, and diagnostic equipment. Moreover, it competes with General Electric (NYSE: GE) and Siemens Healthineers.

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