Chairman of Philips is said to be stepping down early

Article Abstract:

Cornelis J. van der Klugt will resign as head of Philips Gloeilampenfabrieken N.V. a year earlier than planned due to pressure resulting from the company's poor earnings for 1st qtr 1990. The Dutch electronics giant will replace him with Jan D. Timmer, who was scheduled to become chairman in Jul 1991. van der Klugt, 65, has headed the $31 billion company since 1986. He is one of the best-known, most influential executives in Europe and is especially outspoken about the creation of a barrier-free single European market. His departure marks the first time that Philips has ousted a top official. Philips is known and often denigrated for its conservative management style. Timmer, who was slated to take over Philips upon van der Klugt's retirement, is credited with turning around the consumer electronics division of Philips. Philips is the largest electronics company in Europe and the second largest in the world.

Household audio and video equipment, Planning, Officials and employees, Executives, Employee resignations, Chairmen

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Philips ouster tied to loose management

Article Abstract:

Philips N.V. Chmn Cornelis J. van der Klugt, 65, is resigning amid investor concerns that he does not have firm control over the Netherlands electronics company. Van der Klugt will be replaced by Jan D. Timmer, 57, on Jul 1, 1990. Klugt had predicted that earnings would be up in 1990, but the company reported that earnings fell 97.3 percent in the 1st qtr of 1990. Earnings for the 1st qtr were $3.2 million on revenues of $6.9 billion. Currency translations account for $44 million in losses for the quarter, resulting from declines in the dollar and the yen. Klugt had been scheduled to retire on Jul 1, 1991.

Management, Profits, Business planning, Strategic Planning, Profit, Losses, First Quarter

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Wal-Mart Raids By U.S. Aimed At Illegal Aliens

Article Abstract:

A raid on 60 Wal-Mart stores and an executive office was conducted by federal agents, who arrested over 250 illegal immigrants who were working as janitors for contractors that Wal-Mart hired. A federal official said that a grand jury was looking into the case, and that the government suspected that Wal-Mart was aware of the extensive use of illegal aliens. The government has reportedly used wiretaps in the probe, and reportedly has tapes of conversations of alleged conversations between Wal-Mart executives and contractors.

Legal issues & crime, United States, Company legal issue, Cases, Wal-Mart Stores Inc., Investigations, United States. Immigration and Naturalization Service, Discount stores, Illegal immigrants, Janitors

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