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Philips Appoints Marketing Officer

11/15/2002 03:52:00 PM Eastern

Amsterdam - Royal Philips Electronics has appointed Andrea Ragnetti as chief marketing officer at group level, and announced the resignation of Guy DeMuynck, CEO of the consumer electronics division.

Ragnetti, 42, will join Philips effective January 1, 2003. His background includes international marketing roles with Procter & Gamble, Joh.A. Benckiser (now Reckitt Benckiser), and Telecom Italia Mobile where as marketing executive VP he played an instrumental role in the turnaround of one of the world's largest fixed line operators.

He will be taking a newly created position at Philips, handling global marketing activities and brand management. He will report directly to Gerard Kleisterlee, Philips' president and CEO.

"We are extremely pleased to appoint a corporate CMO with Andrea Ragnetti's reputation, experience and character," Kleisterlee said. "We made this appointment after looking at many excellent candidates, and Andrea clearly stood out - he is a great addition to the diversity of Philips' top management team, and we look forward to successfully developing Philips into a world class marketing company."

The Board of Management will propose to the Supervisory Board that Ragnetti be appointed to Philips' Group Management Committee.

Meanwhile, Philips said that Guy DeMuynck, Consumer Electronics division CEO and member of the Group Management Committee, will leave the company January 1, 2003, to join the Board of Management of Dutch telecom operator, KPN.

Gottfried Dutine, member of the Philips' Board of Management since February 2002, will take over DeMuynck's role in addition to his current responsibilities.

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