OREANDA-NEWS. Royal Philips (NYSE: PHG, AEX: PHIA) today announced that its Supervisory Board will propose to appoint Mr. David Pyott as a new member of the Supervisory Board at the Annual General Meeting of Shareholders (AGM) on May 7, 2015. As the former Chairman and CEO of Allergan, Inc., Mr. Pyott is recognized as one of America’s best-rated CEOs and acclaimed for expanding a relatively small eye care business into a global specialty pharmaceutical and medical device company. He is also a Director of Avery Dennison Corporation and its Lead Independent Director.

“We are proud to propose David Pyott to the company’s Supervisory Board,” said Jeroen van der Veer, Chairman of Philips’ Supervisory Board. “Mr. Pyott has gathered in-depth knowledge of the pharmaceutical and healthcare industries, in North America as well as globally. His expertise will be invaluable in view of Philips' transition into a company focused on HealthTech.”

Philips today also published the shareholders circular providing a further specification and explanation of the proposal to approve the separation of the Lighting business from Royal Philips. The separation is currently intended to be effectuated through an Initial Public Offering, but other options will continue to be reviewed.

Royal Philips (NYSE: PHG, AEX: PHIA) is a diversified health and well-being company, focused on improving people’s lives through meaningful innovation in the areas of Healthcare, Consumer Lifestyle and Lighting. Headquartered in the Netherlands, Philips posted 2014 sales of EUR 21.4 billion and employs approximately 105,000 employees with sales and services in more than 100 countries. The company is a leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as male shaving and grooming and oral healthcare.