Signify’s chief executive steps down early, as sales decline
Philips’s former lighting division, Signify, has been hit by “headwinds” in China and declining demand from business clients in Europe, the company said on Friday.
Signify’s turnover in the final quarter of last year was down, marking the fourth consecutive quarter of declining sales.
The news has led to the early departure of chief executive Eric Rondolat, who was reappointed for a further four years at the end of 2023 but will step down after this year’s AGM.
Rondolat has been CEO since the company listed in Amsterdam in 2016, and both he and the supervisory board agree that “the time is right for a change in leadership”, the company said.
Signify booked sales of €6.14 billion in 2024, in line with analysts’ expectations but down 6.6% on 2023. Pre-tax profit reached €606 million, significantly lower than the €670 million recorded in 2023, but still in line with analysts’ expectations.
The company expects 2025 to be “stable”.
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