Signify announces new customer-centric organization and structural cost reductions
01 December 2023 - 6:00PM
Signify announces new customer-centric organization and structural
cost reductions
Press Release
December 1, 2023
Signify announces new customer-centric
organization and structural cost reductions
- New operating model includes four verticalized businesses to
enhance customer-centricity and speed of execution
- Structural measures to reduce non-manufacturing costs,
generating expected annualized savings in excess of €200m
- Changes to be implemented through 2024
Eindhoven, the Netherlands – Signify (Euronext:
LIGHT), the world leader in lighting, announces it is adapting its
organization to enhance customer-centricity, speed of execution and
reduce its structural costs.
“After the major transformation we achieved through the past
decade, we are taking the next step by organizing our company
around four vertically integrated businesses. Three of these will
focus on customers: Professional, OEM and Consumer. The fourth will
be dedicated to conventional lighting technologies.
Aligned to the new customer-centric structure, we will further
adjust the size of our central organization and reduce our costs to
support the company’s performance in the face of ongoing market
volatility and uncertainty. Already started in Q4 2023, these
changes will be implemented through 2024, with the majority
achieved by Q2, and generating expected annualized savings in
excess of €200 million.
Together, these measures will increase focus and accelerate the
execution of our strategy, supporting our continued leadership in
the transition to energy efficient connected lighting to unlock the
extraordinary potential of light for brighter lives and a better
world.” Eric Rondolat CEO of
Signify
Moving forward, Signify will report against four businesses with
vertically integrated P&Ls, adapted from the current three
divisions as follows:
- The Professional business will offer LED
lamps, luminaires, connected lighting systems and services to
customers in the professional segment.
- The Consumer business will offer LED lamps,
luminaires, and connected products, including Philips Hue and WiZ,
to customers in the consumer segment.
- The OEM business will offer lighting
components to the industry.
- The Conventional business will offer special
lighting, digital projection, and lamp electronics.
The changes will be implemented through 2024, with the majority
achieved by Q2, and are subject to proceedings with Signify’s
social partners, depending on local legislation.
In the course of Q1 2024, Signify will make comparable
financials available for the fiscal year 2023 under the new
organizational structure and provide more information on one-off
restructuring costs.
--- END --- For further
information, please contact:
Corporate
Communications Tom Lodge Tel: +31 6 5252
5416 E-mail: tom.lodge@signify.com
Investor RelationsThelke GerdesTel:
+31 6 1801 7131E-mail: thelke.gerdes@signify.com
About SignifySignify (Euronext: LIGHT) is the
world leader in lighting for professionals and consumers and
lighting for the Internet of Things. Our Philips products, Interact
connected lighting systems and data-enabled services, deliver
business value and transform life in homes, buildings and public
spaces. In 2022, we had sales of EUR 7.5 billion, approximately
35,000 employees and a presence in over 70 countries. We unlock the
extraordinary potential of light for brighter lives and a better
world. We achieved carbon neutrality in our operations in 2020,
have been in the Dow Jones Sustainability World Index since our IPO
for six consecutive years and were named Industry Leader in 2017,
2018 and 2019. News from Signify is located at the Newsroom,
Twitter, LinkedIn and Instagram. Information for investors can be
found on the Investor Relations page.
Signify NV (EU:LIGHT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Signify NV (EU:LIGHT)
Historical Stock Chart
From Apr 2023 to Apr 2024
