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Philips parts ways with CEO in midst of massive recall

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AMSTERDAM :Philips Chief Executive Frans van Houten will leave the company in October, the Dutch health technology firm said on Tuesday, after a key product recall cut its market value by more than half over the past year.Philips said Van Houten would be replaced on Oct. 15 by Roy Jakobs, head of the company'

AMSTERDAM :Philips Chief Executive Frans van Houten will leave the company in October, the Dutch health technology firm said on Tuesday, after a key product recall cut its market value by more than half over the past year.

When it started the recall in September last year, Philips said it expected to complete the replacement and repair of all affected machines within a year. It has promised to run additional tests to determine the potential toxicity of degraded foam parts, even though the tests so far had shown that the parts did not leave the machine.

"This situation is not really under control, I think, because we're still waiting for the definite conclusion of the studies."

 

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