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