Philips company will do huge layoffs

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Layoffs latest news
Layoffs latest news

INVC NEWS
Mumbai  : Netherlands-based Signify, which owns smart lighting brands Philips Hue and WiZ, is restructuring in the wake of ongoing market volatility and uncertainty, leading to job cuts at the company. Signify said it is optimizing the organization to drive customer-centricity, increase speed of execution and reduce its structural costs. Following the tremendous transformation we have achieved over the last decade, we are taking the next step by organizing our company around four integrated businesses,” said Eric Rondolat, CEO of Signify. It will focus on three customers, professional, OEM and consumer. The fourth will be dedicated to traditional lighting technologies.

Launched in the fourth quarter of 2023, these changes will be implemented through 2024, with the majority achieved by the second quarter, and will result in expected annual savings of more than 200 million euros (about $218 million). “Together, these measures will increase focus and accelerate the implementation of our strategy, supporting our continued leadership in the transition to energy efficient connected lighting to unlock extraordinary potential,” Rondolat said. Philips Hue and WiZ both expanded from smart lighting to smart security this year. Both brands have also adopted the new Matter smart home standard.

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