The U.S. Food and Drug Administration (FDA) said reports of faulty Philips ventilators and sleep apnea machines had risen in the past quarter, underlining problems facing the Dutch company, which has just announced plans to replace its CEO.
Dutch technology company Philips logo is seen at company headquarters in Amsterdam, Netherlands, January 29, 2019. REUTERS/Eva Plevier/File Photoventilators and sleep apnea machines had risen in the past quarter, underlining problems facing the Dutch company, which has just announced plans to replace its CEO.
A spokesperson for Philips on Wednesday said the timing of the Aug. 16 FDA update -- the same day that Philips announced longtime CEO Frans van Houten would depart the company -- was coincidental.Van Houten will be replaced by Roy Jakobs, the Philips executive who is heading the company's recall operation, on Oct. 15.
Philips has estimated costs of its replacements at around 900 million euros, but that does not include costs from a possible settlement with the U.S. Department of Justice or from consumer injury lawsuits. Analyst Javier Correonero of Morningstar said Philips has a "real credibility issue", citing both the deepening recall problems and the company's July 25 profit warning."At this point I think the market has low confidence in management's ability to set financial targets", he said in an email.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Roche Gets US Approval for Flu Drug for Children Aged 5 and OverRoche has received approval from the US Food and Drugs Administration for its Xofluza drug to treat influenza in children aged 5 years and older, the drugmaker said on Friday.
Read more »
Chinese Food Delivery Giant Meituan Tanks 9% After Tencent Reportedly Plans to Divest $24 Billion StakeTencent, which owns 17% of Meituan, is planning to placate domestic regulators and cash in on its eight-year-old investment, Reuters reported.
Read more »
California's proposed fast food bill isn't what it seemsA restaurant owner argues against California's AB 257.
Read more »
Dad Clarifies This Not A Food StopDENTON, TX—Stressing that they were there solely to purchase gasoline and use the bathroom if necessary, area dad Mike Whitcomb clarified while pulling into a travel plaza Thursday that this was not a food stop. “We’re here to get gas and that’s it,” Whitcomb said emphatically, adding that his three children were…
Read more »