January 10, 2018

Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA) today announced that Vitor Rocha, who previously led Philips’ global Ultrasound business, has succeeded Brent Shafer as CEO of Philips North America, with immediate effect. Mr. Rocha has joined Philips’ Executive Committee and reports to Philips CEO Frans van Houten. Mr. Shafer, who joined Philips in 2005, will leave Philips per January 31, 2018, to become CEO of a listed company in the US. 

“I want to thank Brent for his valuable contribution to Philips’ transformation into a health technology leader at a time of significant market changes in North America,’’ said Frans van Houten, CEO of Royal Philips. “His dedication and leadership have made a difference throughout his tenure in the company. On behalf of Philips’ Executive Committee, I wish him all the best in his future endeavors. At the same time, I am very pleased to announce Vitor, a seasoned healthcare industry leader with a strong track record in innovation, entrepreneurship and customer-centricity, as his successor. Vitor’s health technology expertise, personal leadership and deep experience in the North American market will enable him to lead the expansion of Philips’ health technology leadership in the region. I am confident that the support and handover from Brent over the coming weeks will ensure a seamless transition.”

Mr. Rocha (Brazilian/American, 1969) has more than 20 years of leadership experience across multiple industries, and a particularly deep knowledge of medical device and health technology businesses. He joined Philips in 2010 as the leader of the Latin American market for Philips’ Healthcare sector. Through 2010-2014, he drove strong comparable sales growth and market share gains in one of the fastest growing and most volatile healthcare markets globally. He subsequently led Philips’ global Ultrasound business. Under his leadership, the EUR 1.5 billion business successfully executed on its strategy to strengthen its leading position in cardiac ultrasound, while accelerating growth in services, General Imaging, Point-of-Care and OB/GYN.  

Under Mr. Rocha’s new leadership of the North American market, Philips is committed to continue its strong delivery in this market with long-term strategic partnerships and new solutions [1]. The company has a significant R&D, industrial and commercial footprint in North America since 1933, partnering with major health systems, government agencies and charitable organizations. Philips generates approximately EUR 6.5 billion in sales [2] and employs approximately 21,000 employees in this market.

[1] Suites of systems, smart devices, software and services that Philips offers with its partners that are designed to improve people's health, enable better outcomes and enhance productivity across the health continuum from healthy living and prevention, to diagnosis, treatment and home care.

[2] Last twelve months Q3 2017.

Forward-looking statements