Consumer electronics company Royal Philips Electronics NV (PHG,PHGFF.PK) Thursday said its shareholders have approved the appointment of its Chief Operating Officer Frans van Houten as president and chief executive officer for four years, effective April 1, when the incumbent CEO Gerard Kleisterlee retires.
On July 8, 2010, Philips had announced to nominate van Houten as its next President and CEO.
In the General Meeting of Shareholders, the company also got approval for its proposal to increase its 2010 annual dividend to 0.75 euros per share, to be paid in 2011. The dividend will be paid in cash or shares, at the option of the shareholder, the company noted.
Frans van Houten started his career with the company in 1986 in marketing and sales at Philips Data Systems and held several leadership positions within the company.
In 2002, he became co-CEO of the Consumer Electronics division and was appointed member of Philips' Group Management Committee in 2003. The next year, he was appointed CEO of Philips Semiconductors and in 2006 joined Philips' Board of Management until the spin out and creation of NXP Semiconductors in September of that year.
Prior to re-joining Philips, van Houten was leading a project to separate ING Group's banking and insurance operations as an independent advisor to ING's management board.
As of January 1, 2011, van Houten assumed the position of Chief Operating Officer within Philips.
Gerard Kleisterlee is the current President and Chief Executive Officer of Philips and Chairman of its Board of Management and Group Management Committees.
In addition, the appointment of Ron Wirahadiraksa and Pieter Nota as members of the Philips Board of Management was approved by shareholders, effective the same date.
Further, Jackson Tai was named as a member of the Philips Supervisory Board and Cees van Lede, John Thompson and Heino von Prondzynski were re-appointed as members of the Supervisory Board. The company noted that all of the appointments to the Supervisory Board have become effective as of today.
PHG closed Wednesday's regular trading at $32.06 on the NYSE.
PHGFF.PK ended at $31.85 on the OTC.
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