The financial director of electronics giant Philips, Pierre-Jean Sivignon, is standing down for ‘personal reasons’.

However, insiders told the Financieele Dagblad Sivignon decided to quit because he failed to get the CEO position.
Gerard Kleisterlee is leaving next April after nine years at the top. He is being replaced by Frans van Houten.
French national Sivignon joined the company five years ago. His replacement is Dutchman Ron Wirahadiraksa, who has been in charge of finances at the healthcare division for the past two years.
Like Van Houten, Wirahadiraksa is also a Philips careerist.