Philips CEO Frans van Houten will stand down amid a massive product recall that has halved its market value over the past year. The company said van Houten would be replaced in October by Roy Jakobs, who heads its Connected Care businesses
To be replaced on Oct. 15 by Connected Care head JakobsChief Executive Frans van Houten will leave the company in October, the Dutch health technology firm said on Tuesday, after a key product recall cut its market value by more than half over the past year.
Philips shares were up 2% in afternoon trading, but are still down almost 60% since its warning in June 2021 that foam used for sound dampening might release toxic gases that could carry cancer risks.When it started the recall in September last year, Philips said it expected to complete the replacement and repair of all affected machines within a year.
CEO Frans van Houten from the Dutch health technology company Philips presents the company's financial results for the fourth quarter and full year 2018, in Amsterdam, Netherlands, January 29, 2019. REUTERS/Eva PlevierThe complaints do not prove causality, but are an indicator of the severity of the problem.
"If you have three recalls in 10 years, it's too much. His position had become untenable," said analyst Jos Versteeg of InsingerGilissen. He was referring to a defibrillator recall in 2017 and problems with medical scanners in 2014.
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