Frans van Houten is to take over from Philips CEO Gerard Kleisterlee when he leaves the company at the end of March 2011, the electronics giant said on Thursday.

Van Houten, who is currently advising ING on the separation of its banking and insurance divisions, will join Philips in October and take over the top job in April.
He was previously head of chip maker NXP Semiconductors, sold off by Philips to a group of investors in 2008, and then advisor to ASM International.
Analyst Marcel Achterberg of merchant bank Petercam told news agency ANP Van Houten was the ‘perfect man’ for the Philips job.