Royal Philips announced that Roy Jakobs is proposed to succeed Frans van Houten as President and Chief Executive Officer, effective October 15, 2022. 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. After a comprehensive evaluation of external and internal candidates, the Supervisory Board has unanimously decided to propose Roy Jakobs as the next President and CEO of Royal Philips to its General Meeting of Shareholders.

Roy Jakobs brings a strong international, operational and transformational track record, as well as a deep understanding of Philips. Roy Jakobs has been successful in turning around businesses in customer-focused growth organizations and has effectively strengthened the company's Connected Care portfolio through successful acquisitions across hospital and ambulatory care settings. An Extraordinary General Meeting (EGM) of shareholders will be held on September 30, 2022, to appoint Roy Jakobs as President and CEO, effective October 15, 2022.

Frans van Houten will act as advisor to the company – supporting the transition – until April 30, 2023. In close cooperation with Chairman Feike Sijbesma and the Supervisory Board, Roy Jakobs will further improve and strengthen Philips' performance as a leading health technology company with a planned approach.