Philips to slash over a thousand jobs in new reorganization: Report

Philips will announce a new round of reorganization and layoffs on Monday, sources told Eindhovens Dagblad. In the Netherlands alone, the company is cutting over a thousand jobs.

CEO Roy Jakobs will officially announce the reorganization along with Philips’ annual figures on Monday, according to the newspaper.

The new reorganization comes on top of 4,000 job cuts Philips announced at the end of October last year. Philips faced major losses last year, partly due to the massive and long-dragging recall of its sleep apnea devices. In October, the company said that more cuts might be needed.

Jakobs took over as Philips CEO last year. His plans for the company include making it simpler and more flexible, according to Eindhovens Dagblad. He also wants to increase productivity and focus mainly on products for which there will be a lot of demand in the future.