Philips provides update on composition of its Supervisory Board and proposes reappointment of Marnix van Ginneken as member of its Board of Management

By Globe Newswire7 days ago

February 23, 2021

  • Current Chairman Jeroen van der Veer and Vice-Chairwoman Mrs. Christine Poon to retire from Philips' Supervisory Board after their third consecutive term, effective upon closing of the 2021 Annual General Meeting of Shareholders
  • Mrs. Orit Gadiesh, Philips' Supervisory Board member since 2014, to step down
  • Philips' Supervisory Board appoints Feike Sijbesma as its Chairman and Paul Stoffels as its Vice-Chairman
  • Mrs. Chua Sock Koong and Mrs. Indra Nooyi to be proposed as new members of the Supervisory Board
  • Philips Chief Legal Officer Marnix van Ginneken proposed for reappointment as a member of Philips' Board of Management

Amsterdam, the Netherlands – Royal Philips (NYSE:PHG, AEX: PHIA)), a global leader in health technology, today announced that its Supervisory Board has appointed Feike Sijbesma as the Supervisory Board's new Chairman, effective upon the closing of Philips' 2021 Annual General Meeting of Shareholders (AGM) on May 6, 2021. Mr. Sijbesma (Dutch, 1959) has been a member and Vice-Chairman of Philips' Supervisory Board since 2020, and will succeed the current Chairman Jeroen van der Veer (Dutch, 1947), who will retire. Mr. Van der Veer joined the Supervisory Board in 2009 and has served for three consecutive terms. Since 2011, he has been the Supervisory Board's Chairman, leading the stewardship and oversight of Philips during a defining phase as the company pivoted to a focused health technology leader.

Furthermore, the Supervisory Board has appointed Paul Stoffels as its new Vice-Chairman. Mr. Stoffels (Belgian, 1962) has been a member of Philips' Supervisory Board since 2018.

Philips has also announced that it will propose to the AGM the appointment of Mrs. Chua Sock Koong as a new member of the Supervisory Board. The appointment of Mrs. Chua (Singaporean, 1957) is recommended because of her in-depth knowledge of information technology and digitalization. She is the former CEO of Singapore Telecommunications Limited (Singtel), Asia's leading communications technology group. During her tenure as Singtel CEO from 2007 till 2020, Mrs. Chua extended the company's footprint to 21 countries, including Singapore, Australia, India and Indonesia, and led Singtel's digital transformation. This included the digitalization of its core telecom business and the growth of new digital businesses. Prior to her appointment as CEO of Singtel, Mrs. Chua held various executive leadership positions, including the role of CFO.

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