AMSTERDAM (Reuters) – Dutch health technology company Philips’ top management will not take any bonuses for 2022 after a global recall of respiratory devices resulted in a 70% plunge in the company’s market value, it said on Tuesday.
In light of the company’s performance and negative experience of shareholders and other stakeholders, the supervisory and management boards have 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.
(Reporting by Bart Meijer; Editing by David Goodman)
