October 25, 2022 – Philips will cut 4,000 jobs, or 5% of its workforce, which will save the company an estimated $296 million annually.
CEO Roy Jakobs described the layoffs, which will be concentrated in the United States and the Netherlands and primarily affecting business lines with falling sales, as “unfortunate, but necessary.”
In September, the Amsterdam-based medical device company recalled 17 million sleep apnea masks because the device’s magnets can interfere with implanted metal medical devices, such as pacemakers. The number of recalled masks has since crept up to more than 18 million products as of Oct. 19. The FDA has reported 14 serious injuries and no deaths related to the recall.