Philips CEO Nominated for International Circular Economy Award
Frans van Houten, CEO and Chairman of Philips is a potential recipient of a Circular Award, an annual event recognizing people and enterprises from commerce, civil society and academia that have made a notable contribution to driving circular economy principles.
The circular economy is an alternative to the traditional linear economy. It decouples growth from scarce resource use allowing economic development within natural resource limits and allowing companies to innovate to enable customers and users to do more with less.
Recognizing that innovation is a critical driving force for the circular economy, van Houten initiated a major transformation program across the company in 2011, setting out a new vision centred on innovation. The objective: to convert the global electronics multinational’s business model from linear to circular. He also championed investment in staff and external partnerships with the aim of embedding circular principles within the organization.
As a result of these initiatives, two business units — lighting and healthcare — have already commercialized circular offerings. In the consumer space, Philips plans to reintroduce products designed to last and be repaired to extend life.
