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Given the company's performance and negative experience of
shareholders and other stakeholders, the current management
board has waived any 2022 annual incentive payouts, the company
said in its annual report.
"2022 was a very disappointing year for Philips and its
stakeholders," it said.
Former Chief Executive Frans van Houten, who left the company
after he was replaced by Roy Jakobs in October last year
following the recall, did not waive his short-term bonus of
208,370 euros ($222,351) for 2022, the report showed.
Philips last year clashed with shareholders who unsuccessfully
urged the supervisory board to scrap bonuses for Van Houten and
other executives for 2021, the year in which the recall started.
In its annual report, Philips said it was in negotiations with
the U.S. Department of Justice over a settlement relating to the
recall.
($1 = 0.9371 euros)
(Reporting by Bart MeijerEditing by David Goodman and Barbara
Lewis)
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