PHILIPS APPOINT NEW PRESIDENT

ELECTRONICS giant Philips, have announced the appointment of a new President.
The Supervisory Board of Royal Philips Electronics - in agreement with the Meeting of Priority Shareholders - will propose to the General Meeting of Shareholders, to be held in March next year, that G.J. Kleisterlee (53) be appointed president of the company.
Having worked for Philips since 1974, Kleisterlee, who holds a degree in Electronic Engineering from Eindhoven Technical University, started his career in Philips’ Systems division. In 1981 he became general manager of the product group, Professional Audio Systems (now part of Consumer Electronics), then joined Philips Components in 1986 and, after becoming general manager of Philips Display Components for Europe, was appointed managing director of Philips Display Components worldwide in 1994.
In 1996 Kleisterlee became president of Philips Taiwan and regional manager for Philips Components in Asia Pacific. From September 1997 until June 1998 he was also responsible for the activities of the Philips Group in China.
Kleisterlee has been President and CEO of Philips Components and a member of the Group Management Committee since January 1999, and was appointed member of the Board of Management and executive vice-president of Royal Philips Electronics on April 1, 2000.
The Supervisory Board also announced that Adri Baan (57), president and CEO of Philips Consumer Electronics, and member of the Board of Management of Royal Philips Electronics, has decided to step down as per March 29, 2001, at the General Meeting of Shareholders. He will continue to contribute to the company as an advisor.