Royal Philips NV terminated an agreement to sell its Lifestyle Entertainment unit to Funai Electric Co., dealing a blow to Chief Executive Officer Frans Van Houten’s efforts to phase out audio and video offerings.
The European Union’s regulatory arm proposed limiting the scope of its greenhouse-gas program for airlines to regional airspace after countries worldwide agreed on a roadmap to a global carbon market earlier this month.
Royal Philips NV, the world’s biggest lightbulb maker, will buyback 1.5 billion euros ($2 billion) of shares and Chief Executive Officer Frans Van Houten pledged to extend an efficiency drive to bolster margins.
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.
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.