The FINANCIAL — Royal Philips Electronics (NYSE: PHG, AEX: PHI) on April 19 announced that Andrea Ragnetti will, in alignment with the company, relinquish his position of Chief Executive Officer of the Consumer Lifestyle sector and Member of the Board of Management and leave Philips per September 1, 2010. A successor to Mr. Ragnetti will be announced in due course.
“We have strong appreciation for Andrea’s large contribution to the change process in Philips and I regret to see him leave,” Gerard Kleisterlee, President and Chief Executive Officer of Philips, said. “Over the past years Andrea has played a leading role in strengthening our customer focus, building marketing competence and repositioning the brand with the adoption and implementation of sense and simplicity – the brand promise that has become so important and successful for us. Most recently, he has been responsible for the integration of the former CE and DAP activities into a single Consumer Lifestyle sector, which has under his leadership successfully transformed into a very profitable consumer products powerhouse. His work for Philips will continue to benefit both this sector and the company as a whole for years to come.”
“After eight very intense years at Philips, I am going to take a long delayed break and leave Philips”, Andrea Ragnetti, Chief Executive Officer of Consumer Lifestyle said. “By the time I leave we will have completed the first phase of the merger of former CE and DAP into one larger and more successful Consumer Lifestyle sector. We are already well on our way to exceed our ambitious targets in portfolio management, synergies and profitability, including the turnaround of the TV business. It is a good time for me to leave Philips and I am grateful to Philips and to Gerard Kleisterlee for having given me the unique opportunity to be part, in various leadership roles, of the huge transformation process of this great company. I am also happy to leave the sector in the capable hands of a very strong management team that has already showed all its resilience and quality leading the sector successfully out of an unprecedented economic crisis.”
Mr. Ragnetti joined Philips in January 2003 as Chief Marketing Officer, and at that point became a member of the Group Management Committee of Philips. On April 1, 2005, he was appointed Chief Executive Officer of Philips Domestic Appliances and Personal Care, in addition to his duties as CMO of Philips. In April 2006 he became a member of the Board of Management. With the formation of Consumer Lifestyle on January 1, 2008 Mr. Ragnetti was appointed Chief Executive Officer of the sector.