Philips parts ways with CEO in midst of massive recall

8/17/2022 2:15:00 AM

Philips Chief 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.

Nrlpa:Oprod, Amed

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

Philips Chief 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.

AMSTERDAM, Aug 16 (Reuters) - PhilipsPhilips said Van Houten would be replaced on Oct. 15 by Roy Jakobs, head of the company's Connected Care businesses. Van Houten's third term as CEO had been due to end in April.Registerread moreADDITIONAL TESTS

read moreThe FDA said it would analyse the reports and examine the possible reasons for the increased number.read more

Read more:
Reuters »

America's real racists are afraid: Sebastian Gorka | The Gorka Reality Check

Sebastian Gorka keeps America's real racists in check, calling out their propaganda and their motives to sway people to their side and more - via Newsmax's T... Read more >>

Newsflash the new ventilators are dangerous and spontaneously give the message : Ventilator Inoperable. Pretty scary stuff when your kid is ventilator dependent!

The 5 Best Bites Our Editor-in-Chief Ate in LAThe five best bites our editor-in-chief ate on a recent trip to LA.

Bank of America chief economist sees high chance of mild recession this yearBank of America's new U.S. chief economist has projected that the Federal Reserve will trigger a recession as it hikes interest rates to cool inflation. how bout bank of america shares ? “Bank of America chief economist” is the operative phrase here. 🙄 MILD recession? Too afraid to be honest by saying we are heading lock, stock and barrel into a Dem/RINO created DEPRESSION?! We cannot believe any of these evil Bturds!!!

N.Y.C.’s Social Services Chief Said to Face Inquiry Over Shelter FailureNew York City’s social services commissioner, Gary Jenkins, is being investigated over his handling of cases where homeless families had to stay overnight at a Bronx intake office while applying for shelter, two people with knowledge of the inquiry said. I do credit this department for sheltering 95% of the homeless population, a far cry away from any other city *cough cough* LA/SF. If you think NYC streets are bad now, imagine 90% sheltered being 2x the amount of people on the street.

Hildale police chief urges caution after flood closes crossings, damages homes'One second can seem safe where you're standing, but within seconds that can change. Sometimes a wall of water can come from behind where you're watching.'

Termination hearing for Uvalde CISD Police Chief Pete Arredondo scheduled for Aug. 24After two delays, the board has set a date to discuss Police Chief Pete Arredondo's termination. The meeting will be open to the public Bye. Fire him and take away his badge

Family of Flossmoor woman shot by police question officers’ training; chief defends actionsFamily members of Madeline Miller, a 64-year-old shot and killed by Flossmoor police, questioned at Monday’s Village Board meeting whether officers had received proper training while the village’s police chief defended the two officers’ actions. Cops take their lives in their hands everyday in that Blue City. Cartel & Gang members are everywhere in Chicago. From the High Schools to the Senior Centers. Be careful of the company you keep.

Van Houten to leave after almost 12 years at helm To be replaced on Oct..Federal Reserve Chair Jerome Powell arrives to speak at a news conference, March 3, 2020, in Washington.Aug.

15 by Connected Care head Jakobs Shares up 2%, but down more than 50% since product recall AMSTERDAM, Aug 16 (Reuters) - Philips (PHG.AS) Chief 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. I went with the default three-pepper spice level, and will absolutely ask for a little more heat next time. Philips said Van Houten would be replaced on Oct. Economic output is already falling in the U. 15 by Roy Jakobs, head of the company's Connected Care businesses. Stephanie Wu/Eater Chile relleno at LA Cha Cha Chá: This rooftop spot in the Arts District gets a lot of love for its stunning space, but the food deserves just as much attention. Van Houten's third term as CEO had been due to end in April. 5, Julia Savel, was interviewed for three hours on Monday by officials from the Investigation Department, one of the people said.

Jakobs, 48, is currently overseeing the company's recall of millions of ventilators and machines for the treatment of sleep apnea. Assorted pastries at Republique.9% on an annualized basis in the three-month period from April through June. That process has lopped almost $30 billion off Philips' value as investors fear large claims. Register now for FREE unlimited access to Reuters.m.com Register "The time is right for the change in leadership," Philips said in a statement. Recessions are technically defined by two consecutive quarters of negative economic growth. 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. The classic dishes, like the shakshuka and ricotta toast, are menu standbys for a good reason, but the pastry I can’t stop thinking about is the Key lime bar — well-balanced sweet and tart notes, with a dollop of fresh cream to keep things interesting. Jenkins’s handling of the overnight stays.

read more 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. But after broadening the scope of the operation to around 5. If you’d like more travel intel, sign up for Eater’s new travel newsletter, launching later this summer, ." Still, the NBER – the semi-official arbiter – may not confirm it immediately as it typically waits up to a year to call it.5 million devices worldwide, Philips in June said the work was only around halfway done. ADDITIONAL TESTS The U. Sign up for the newsletter From the Editor Editor-in-chief Stephanie Wu’s favorite food news and stories from Eater and beyond Thanks for signing up! Check your inbox for a welcome email.S. (Li Jianguo/Xinhua via Getty Images / Getty Images) There are conflicting signs about the economy's health, fueling debate over the state of the economy: The number of Americans filing for unemployment benefits has gradually increased, companies have announced layoffs or hiring freezes, and the housing market is softening. Jenkins “was trying to not tell City Hall that we broke the law.

Food and Drug Administration (FDA) in January classified the recall as Class 1, or the most serious type, posing a threat of injury or death. Something went wrong. The FDA said on Tuesday it had received 48,000 new Medical Device Reports containing complaints about potential injuries related to the Philips devices, including 44 deaths, between May 1 and July 31 this year. read more That is more than twice as many reports as it received for the entire year to April 30, 2022, which totalled over 21,000. By submitting your email, you agree to our.S. They included 124 deaths. 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.” Mr.

REUTERS/Eva Plevier The FDA said it would analyse the reports and examine the possible reasons for the increased number.. The complaints do not prove causality, but are an indicator of the severity of the problem. Philips in June said it had supplied the FDA with evidence from independent tests on the recalled devices which showed foam degradation was mainly linked to the use of aggressive, unauthorised ozone-based cleaning products. read more It has promised to run additional tests to determine the potential toxicity of degraded foam parts, even though the tests so far had shown that the parts did not leave the machine. Philips estimated the costs of the recall at 900 million euros ($915 million). The Investigation Department would not officially confirm the inquiry on Friday, stating about the allegations against Mr.

That sum does not cover the possible costs of litigation. The company is facing more than a hundred class action suits. "If you have three recalls in 10 years, it's too much. His (Van Houten's) 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.” Much about the overnight stays at the intake office, during which people slept on the floor and in chairs, is murky and in dispute, but this much is clear: From the late hours of July 17 into the next morning, several families spent the night there.

"This situation is not really under control, I think, because we're still waiting for the definite conclusion of the (safety) studies." Although the blow to Philips' reputation could have led it to pick an outsider for the top job, supervisory board chairman Feike Sijbesma said Jakobs was the right man to fix the company's problems. "He led the ramp up of production following the recall and knows very much about patient safety and product quality, so also from that perspective he is the right person," he said. During his almost 12 years at the helm, 62-year old Van Houten oversaw the disposal of Philips' lighting and consumer electronics divisions. Philips now focuses on medical imaging, monitoring and diagnostic equipment and competes against General Electric . (The messages were provided to The New York Times by a person familiar with the city’s efforts to house the families at the intake office.