SHERIDAN, WYOMING – May 6, 2025 – Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, has announced key updates to its Supervisory Board composition and committee leadership ahead of its Annual General Meeting (AGM) scheduled for May 8, 2025. The adjustments, prompted by recent executive developments, aim to reinforce strategic governance while maintaining alignment with shareholder interests and regulatory best practices.
Strategic Governance Realignment Following CEO Nomination
Philips previously disclosed the proposal to appoint Bob White, a seasoned executive in health technology, to the Supervisory Board during the AGM. Mr. White, born in 1962 and of American nationality, was initially set to chair the Quality & Regulatory (Q&R) Committee. However, following his recent nomination to become Chief Executive Officer of Olympus Corporation, a shift in responsibilities has been agreed upon.
To remain compliant with international proxy advisory guidelines and to focus effectively on his dual roles, Mr. White will no longer assume the Q&R Committee chairmanship. Instead, he will join the committee as a member.
Board Leadership Restructured for Optimal Oversight
In response to these developments, Philips has confirmed the following leadership adjustments within its Supervisory Board, subject to shareholder approval at the AGM:
- Dr. Paul Stoffels will assume the role of Chair of the Q&R Committee, succeeding the originally planned appointment of Mr. White.
- Mrs. Herna Verhagen will take over as Chair of the Remuneration Committee, a position previously held by Dr. Stoffels.
These shifts ensure continuity in governance and allow the Supervisory Board to maintain its focus on oversight in quality, compliance, and executive compensation—areas critical to Philips’ long-term strategic success.
Commitment to Responsible Board Composition
The announcement underscores Philips’ commitment to transparent governance and responsible board composition in accordance with global best practices. With Mr. White assuming one executive role at Olympus and one non-executive role at Philips, his involvement adheres to the limits on external commitments set by leading proxy advisors. This balance safeguards the integrity and performance of both his executive and oversight responsibilities.
Enhancing Board Strength to Support Health Tech Innovation
By bringing in Mr. White, Philips strengthens its Supervisory Board with a leader who brings decades of experience in health technology innovation and regulatory excellence. His presence is expected to enhance Philips’ strategic direction, particularly in delivering value through high-quality, patient-centric solutions.
These governance updates also reflect the company’s agility in adapting to evolving leadership landscapes while maintaining robust oversight—critical for navigating today’s complex health technology environment.