Philips Former CEO Is Sole Executive to Receive 2022 Bonus (1)

Royal Philips NV’s former head pocketed a 2022 bonus while the current management refused to accept a payment due to a “very disappointing” year for the company and its stakeholders, it said in its annual report.

Former Chief Executive Officer Frans van Houten received some bonus for last year, while the new head of the company, Roy Jakobs, and Chief Finance Officer Abhijit Bhattacharya went without any payment. Van Houten’s total compensation for the year was about €2.4 million ($2.6 million), including an annual incentive payout of €265,000.

The medical equipment maker’s remuneration committee took into account ...