Changes at Philips

Eindhoven's biggest export is changing its name and slogan after dishing out increased bonuses following a year full of change in 2012.

The company, which was at the forefront of the developments of the video cassette recorder and the CD, is now changing its name from Royal Philips Electronics to simply Royal Philips as it focuses its efforts on developing medical applications, lighting and household items.

The now Amsterdam-based company released its financial results for the previous year at the end of this January, recording a turnover of some 24,79 billion - up 8,9 percent on the previous year. The results indicated a total profit of 231 million euros.

On the back of these results the company has handed out a bonus of 1,3 million euros to its CEO Frans van Houten, an amount higher than his annual salary. Chief financial officer Ron Wirahadiraksa also recieved an increased bonus of 523.000 euros.

As well as its name, the company slogan, currently "Sense and simplicity," will be changed by 2014. What the new slogan will be is not yet known, and the proposed name change is to be voted on by shareholders in May.