- Proposal to appoint Mr. David Pyott as new member of the Supervisory Board
- Publication of shareholders circular related to the separation of the Lighting business from Royal Philips
Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA) today announced that its Supervisory Board will propose to appoint Mr. David Pyott as a new member of the Supervisory Board at the Annual General Meeting of Shareholders (AGM) on May 7, 2015. As the former Chairman and CEO of Allergan, Inc., Mr. Pyott is recognized as one of America’s best-rated CEOs and acclaimed for expanding a relatively small eye care business into a global specialty pharmaceutical and medical device company. He is also a Director of Avery Dennison Corporation and its Lead Independent Director.
“We are proud to propose David Pyott to the company’s Supervisory Board,” said Jeroen van der Veer, Chairman of Philips’ Supervisory Board. “Mr. Pyott has gathered in-depth knowledge of the pharmaceutical and healthcare industries, in North America as well as globally. His expertise will be invaluable in view of Philips' transition into a company focused on HealthTech.”
Philips today also published the shareholders circular providing a further specification and explanation of the proposal to approve the separation of the Lighting business from Royal Philips. The separation is currently intended to be effectuated through an Initial Public Offering, but other options will continue to be reviewed.
Click here to view the updated agenda, the binding recommendations and the shareholders circular, as well as other documents relevant for the AGM. Mr. Pyott’s bio is included in the binding recommendations document.
For more information about Philips’ Supervisory Board, please click here.