Philips Nominates New CEO

Royal Philips Electronics said it intends to nominate Frans van Houten, former head of its semiconductor division, as new chief executive officer.

AMSTERDAM (AP) -- Royal Philips Electronics NV said Thursday it intends to nominate Frans van Houten, a former head of the company's semiconductor division, as the new chief executive officer.

If approved by shareholders, Van Houten will replace outgoing CEO Gerard Kleisterlee in April.

The 50-year-old Van Houten led Philips' consumer electronics division and then its computer chip arm from 2004 until it was spun off into NXP Semiconductors in 2006. He oversaw NXP's transition and left the chipmaker at the end of 2008.

Most recently he has worked for the Dutch financial services giant ING Groep NV, overseeing the company's plan to split its banking and insurance arms into separate companies.

Philips said Thursday he will rejoin the company in October and work closely with Kleisterlee ahead of assuming the company's top job.

"Frans was a strong member of my team and a strong contributor in setting the direction of the company," Kleisterlee said in a statement.

"I regretted to see him leave with the Semiconductor spin-out. Under his leadership Philips' future will be in very good hands."

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