8/16, 10:05 AM (Source: TeleTrader)
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Jakobs to replace van Houten as Philips CEO in October

Philips Chief Executive Frans van Houten will be replaced with executive Roy Jakobs on October 15, the Dutch company announced on Tuesday, adding shareholders will meet on September 30 to approve the decision.

"The supervisory board and current Philips CEO Frans van Houten have agreed that with the end of his third term in sight, the time is right for the change in leadership," Philips noted in an official release.

Van Houten has been leading the health technology company since 2011.

Baha Breaking News (BBN) / ND