PHG - Philips chooses new CEO from within ranks who lead respiratory device recall

• Royal Philips ( NYSE: PHG ) said Roy Jakobs will succeed Frans van Houten as president and CEO, effective Oct. 15.
• Jakobs currently serves as executive vice president and chief business leader of Connected Care at Philips.
• The company said that since taking on responsibility for the voluntary recall for Respironics devices, substantial progress has been made under Jakobs' leadership in the execution of a program aimed at delivering a resolution to affected patients as fast as possible in consultation with the relevant authorities.
• Frans van Houten, who led Philips for nearly 12 years, will act as advisor to the company until April 30, 2023.
• Philips added that an Extraordinary General Meeting (EGM) of shareholders will be held on Sept. 30 to appoint Jakobs.
• PHG +1.14% $20.33 premarket Aug. 16

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