Philips parts ways with CEO in midst of massive recall

AMSTERDAM-Philips chief executive Frans van Houten will leave the company in October, the Dutch health technology firm said on Tuesday, after a key productrecallcut its market value by more than half over the past year.

Philipssaid Van Houten would be replaced on Oct. 15 by Roy Jakobs, head of the company’s Connected Care businesses. Van Houten’s third term asCEOhad been due to end in April.

Jakobs, 48, is currently overseeing the company’srecallof millions of ventilators and machines for the treatment of sleep apnea. That process has lopped almost $30 billion offPhilips’ value as investors fear large claims.

“The time is right for the change in leadership,”Philipssaid in a …

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