BusinessCompany NewsAccounting jobs to go as Philips restructures

Accounting jobs to go as Philips restructures

Electronics giant Philips will make several thousand employees working in back-office functions redundant, including those working in accounting.

Link: Job cuts likely in financial services

Philips, the largest European electronics manufacturer, said accounting, IT and HR positions would bear the brunt of its ongoing restructuring, as its back-office functions are overhauled.

The announcement, made by Gerard Kleisterlee, president and chief executive, is set to affect ‘several thousand’ of the Dutch company’s 184,000 employees, the FT reported today.

‘There is a huge amount of work for the organisation and it is going to create major change. Globally this is going to affect several thousand people. They may lose their job, move to another location or move to another job,’ Kleisterlee said.

The restructuring is part of Philips’ plans to weed out non-core activities in its five business lines: consumer electronics, medical systems, lighting, semiconductors and domestic appliances

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