|

Signify Announces New Customer-Centric Organization and Structural Cost Reductions

December 4, 2023

Signify recently announced it is adapting its organization to enhance customer-centricity, speed of execution and reduce its structural costs.

“After the major transformation we achieved through the past decade, we are taking the next step by organizing our company around four vertically integrated businesses. Three of these will focus on customers: Professional, OEM and Consumer. The fourth will be dedicated to conventional lighting technologies.

Aligned to the new customer-centric structure, we will further adjust the size of our central organization and reduce our costs to support the company’s performance in the face of ongoing market volatility and uncertainty. Already started in Q4 2023, these changes will be implemented through 2024, with the majority achieved by Q2, and generating expected annualized savings in excess of €200 million.

Together, these measures will increase focus and accelerate the execution of our strategy, supporting our continued leadership in the transition to energy efficient connected lighting to unlock the extraordinary potential of light for brighter lives and a better world.”

Eric Rondolat, CEO of Signify
Moving forward, Signify will report against four businesses with vertically integrated P&Ls, adapted from the current three divisions as follows:
  • The Professional business will offer LED lamps, luminaires, connected lighting systems and services to customers in the professional segment.
  • The Consumer business will offer LED lamps, luminaires, and connected products, including Philips Hue and WiZ, to customers in the consumer segment.
  • The OEM business will offer lighting components to the industry.
  • The Conventional business will offer special lighting, digital projection, conventional lamps and lamp electronics.

The changes will be implemented through 2024, with the majority achieved by Q2, and are subject to proceedings with Signify’s social partners, depending on local legislation.

In the course of Q1 2024, Signify will make comparable financials available for the fiscal year 2023 under the new organizational structure and provide more information on one-off restructuring costs.

More information available here

Related Article

Signify Wins 2023 Prototype Phase of L-Prize Competition from the U.S. Department of Energy

Signify recently announced that it is a winner of the Prototype Phase of the U.S. Department of Energy’s L-Prize competition.

Related Articles


Latest Articles

  • Lighting the Path to Resilient Data Center Performance

    Lighting the Path to Resilient Data Center Performance

    By Luis Valls, President & Co-CEO, Turtle In the next five years, U.S. data centers may consume more electricity than the entire state of California. Across the electrical infrastructure landscape, one reality is clear: the grid was not designed for the demands of artificial intelligence, electrification, and continuous digital growth. AI workloads, cloud platforms, and… Read More…

  • DarkSky Int’l Launches New Port Marine Terminal Lighting Program

    DarkSky Int’l Launches New Port Marine Terminal Lighting Program

    Tucson, Ariz.-based DarkSky International, a global authority on light pollution, has launched a new certification program to bring responsible lighting to industrial-scale ports. The DarkSky Approved Port Marine Terminal Lighting program is designed to significantly reduce light pollution, safeguarding sensitive coastal ecosystems and nearby communities, while enhancing safe and efficient working conditions. Initiated in 2023… Read More…