Philips CEO Announces 4,000 Job Cuts as "Difficult, But Necessary Decision"

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Philips CEO Announces 4,000 Job Cuts as “Difficult, But Necessary Decision”

Published on

October 24, 2022

As it reported third-quarter results, Philips announced it would cut 4,000 jobs to “improve productivity and increase agility.”
Philips stated that operational and supply issues hurt Q3 sales.The company reported 4.3 billion euros in group sales, down 5% from the October 12 update.
“Difficult, But Necessary Decision”: Philips CEO Cuts 4,000 Jobs
Philips CEO Roy Jakobs said the process to improve productivity and agility “includes the difficult, but necessary decision to immediately reduce our workforce by around 4,000 roles globally, which we do not take lightly and will implement with respect towards impacted colleagues.”
“These initial actions are needed to start turning the company around to realise Philips’ profitable growth potential and create value for all our stakeholders,” Mr. Jakobs said.