Royal Philips Electronics NV is continuing to make changes at the top and has announced an 8% share reduction program which will distribute the equivalent of $1.7bn to shareholders. Dudley Eustace, 62, the man brought in six years ago to improve Philips finances and once tipped to head the organization, will now step down as vice chairman next April. And Philips said that Y.C. Lo, 59, a member of the board of management and executive vice-president, is quitting as chairman and CEO of the components division for health reasons. The moves are seen as part of a continuing drive by executive board chairman Cor Boonstra to bring in new talent.
