HPs Dhawan may be taken on supervisory board of Philips

Written by Sajan C Kumar | Chennai | Updated: Feb 24 2012, 09:25am hrs
The Netherlands-headquartered Royal Philips Electronics on Thursday announced that it will propose to the general meeting of shareholders to appoint Neelam Dhawan as a new member of the company's supervisory board.

Dhawan is the managing director of Hewlett-Packard India with a portfolio that includes software engineering, research and IT services. Previously, Dhawan has held a variety of leadership positions at Microsoft, HCL and IBM in India. Philips' annual general meeting of shareholders will be held in Amsterdam on April 26. 2012.

The company also announced that after joining Philips' supervisory board in 2003, John Thompson will retire. " We will be pleased to welcome Neelam Dhawan as a new member of the supervisory board. Her entrepreneurial experience in a large Asian market like India will be invaluable in helping Philips achieve its ambitions for profitable growth."said Jeroen van der Veer, chairman of Philips' supervisory board, in a statement.

The net operating capital of Philips decreased from euro 911 million in 2010 to euro 887 million in 2011, primarily due to higher provisions for the announced divestment of the discontinued television business, partially offset by higher intangible fixed assets from acquisitions of Povos and Preethi, the company said in the annual report.