Multinational corporation Philips intends to cull thousands of jobs in a bid to boost profitability as the company tries to refocus on health technology, a decision which comes after shares crashed following a recall of its respiratory devices in 2021.
Amsterdam-based Philips plans on scrapping 6,000 jobs, with half of the cuts to be implemented this year and the remaining half by 2025, the company said on Monday. The 6,000-job reduction comes atop an earlier announcement made in October when the company had said that it would reduce its workforce by 5 percent, or roughly 4,000 jobs.
“Philips is not capitalizing on the full potential of strong market positions as it faces a number of significant operational challenges,” said CEO Roy Jakobs, according to Reuters….