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Philips taps new Chairman
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August 30, 2000: 5:58 a.m. ET
Dutch electronics, chip titan names veteran Kleisterlee to replace Boonstra
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LONDON (CNNfn) - Royal Philips Electronics NV, the Dutch consumer electronics titan, on Wednesday tapped components division head Gerard Kleisterlee as successor to Chairman and President Cor Boonstra.
Kleisterlee, 53, will take over the helm at Europe's leading maker of electronics, light bulbs and computer chips on April 30 next year. The 25-year Philips veteran will become the company's chief operating officer starting Friday.
The handover will mark the end of an impressive turnaround effort by Boonstra, 62, who came to Philips from U.S. baked goods company Sara Lee Corp. in 1994 and made his mark by divesting underperforming divisions.
The components business that Kleisterlee has overseen has been booming recently, largely because of strong demand for electronic gadgetry and chips used in computers. His run as head of the components division, which he took over in January 1999, has been marked by the creation of a joint venture with South Korea's LG Electronics to make flat-panel displays and the sale of a unit producing passive components.
"He made a good impression at an analysts' presentation in November 1999 and he has been one of the drivers behind the joint venture with LG," said Wouter de Ridder, an analyst at Kempen & Co.
Shares of Philips fell  1.65, or 3 percent, to 52.70 in Amsterdam Wednesday morning. 
-- from staff and wire reports
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