Royal Philips Electronics NV Chief Executive Officer Frans van Houten said the consumer unit’s first double-digit sales gain in seven quarters shows that his strategy of adapting products to local needs is working.
Royal Philips Electronics NV boosted Chief Executive Officer Frans van Houten’s total compensation to 3.4 million euros ($4.5 million) as his revamp of the world’s largest lighting manufacturer boosted earnings.
Frans van Houten starts as chief executive officer of Royal Philips Electronics NV today with the challenge of turning around the 3 billion-euro ($4.2 billion) television business, a task that eluded his predecessor.
ING Groep NV, the biggest financial-services company in the Netherlands, said Dutch rules capping remuneration for top banking executives have created a gap with peers that threatens the lender’s prospects.
Royal Philips Electronics NV, 50 years after unveiling the compact cassette for music mixtapes, agreed to sell its audio and video unit to focus on more profitable cancer scanners and energy-savings light bulbs.