Philips Announces Imminent Departure of CEO Frans Van Houten, Plans to Change Leadership

Philips has unexpectedly announced the imminent departure of CEO Frans van Houten, in the midst of a massive product recall. Van Houten would be replaced on October 15 by Roy Jakobs. During his almost 12 years at the helm, Van Houten led the transformation of the once-sprawling conglomerate into a focused healthcare specialist.

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