Philips Proposes Former Allergan CEO David Pyott As Supervisory Board Member

(RTTNews) - Dutch consumer electronics company Koninklijke Philips Electronics NV (PHGFF.PK, PHG) announced Thursday that its Supervisory Board will propose to appoint David Pyott as a new member of the Supervisory Board at the Annual General Meeting of Shareholders on May 7.

As the former Chairman and CEO of Allergan, Inc. (AGN), Pyott is acclaimed for expanding a relatively small eye care business into a global specialty pharmaceutical and medical device company, Philips noted.

He is also a Director of Avery Dennison Corporation and its Lead Independent Director. Jeroen van der Veer, Chairman of Philips' Supervisory Board, said, "Mr. Pyott has gathered in-depth knowledge of the pharmaceutical and healthcare industries, in North America as well as globally. His expertise will be invaluable in view of Philips' transition into a company focused on HealthTech."

Actavis plc (ACT) on Tuesday announced that it has completed the acquisition of Allergan in a cash and equity transaction valued at approximately $70.5 billion. Further, Philips said it published the shareholders circular providing a further specification and explanation of the proposal to approve the separation of the Lighting business from Royal Philips. The separation is currently intended to be effectuated through an Initial Public Offering, but other options will continue to be reviewed.