Why Philips (PHG) Shares Are Trading Higher Premarket Today - Koninklijke Philips (NYSE:PHG)

Roy Jakobs is proposed to succeed Frans van Houten as Koninklijke Philips NV PHG CEO effective October 15.
Houten's third term as CEO was not due to end until April.
The departure coincided with Philips's massive product recall that has halved its market value over the past year.
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Jakobs headed the company's Connected Care businesses.
"On behalf of the entire Supervisory Board, I would like to thank Frans for his transformational leadership of Philips over the last nearly 12 years," Chair Feike Sijbesma said.
Sijbesma added: "We are pleased to propose to appoint Roy Jakobs as the new CEO of Philips. He has an impressive track record in driving performance improvements and value creation across a broad range of businesses – both within and outside Philips – including in health technology, coupled with extensive global leadership experience across Philips' health systems and consumer businesses throughout the company's transformation."
Philips clocked a 7% comparable sales decline to €4.2 billion in Q2. Continued supply shortages and prolonged lockdowns in China led to the decline.
Philips stock is still down more than 50% since it shocked investors in June 2021 by recalling 5.5 million ventilators used to treat sleep apnoea.
Price Action: PHG shares traded higher by 2.64% at $20.63 in the premarket session on the last check Tuesday.

Philips Names Company Insider Roy Jakobs As New CEO, Succeeding Frans van Houten