In the Asian marketplace, we need to come out with products every nine months, not every two years.
In the back of my mind was the nagging discussion: where do we take the portfolio? You can get rid of TV, fine, but then you are in lighting and in health, and those don't have a lot to do with each other.
We knew we could put the company on the right side of history by decisive transformative action and by redefining our purpose to improving people's lives through innovation.
If we are to ensure that healthcare remains affordable and widely available for future generations, we need to radically rethink how we provide and manage it - in collaboration with key health system partners - and apply the technology that can help achieve these changes.
If we are to ensure that health care remains affordable and widely available for future generations, we need to rethink radically how we provide and manage it.
When you try to master the emotions of a decision and say, if you're 50 years from now and you look back, 'Did we take the right decisions?' Then the decision becomes a lot easier.
Poor diet and sedentary behaviour have led to an increase in obesity and lifestyle-related disease and a huge rise in chronic medical conditions.
When I became CEO, I was really worried that we were in commoditized segments that were mature and no longer growing. So we made a radical pivot into health technology because that is one of the world's unmet needs.
Meaningful innovation can be an important catalyst in encouraging resilience in seniors, keeping them independent and engaged.
Even though we live in a fast-changing world with short term-ism all around, it requires years of determination to transform a company and structurally reap the rewards. Innovation companies need to set their sights on solving unmet needs - but this approach requires focus and long-term tenacity.
We are very optimistic about our opportunities in China. Our toothbrushes continue to sell very well, while the growth of private hospitals diminishes the risk of government preferring domestic suppliers.
A siloed approach between suppliers doesn't really help hospitals well enough.
I came back to Philips and quickly realised that the TV business had a major performance issue and some structural challenges. Rather than try to tweak it and sit things out, we said we had to go for a structural solution.
There's much unlocked potential in Philips.
The agreement to acquire Volcano significantly advances our strategy to become the leading systems integrator in image-guided therapies.
It is vital that a company's culture shows a willingness to invest in employee wellbeing with no stigma or penalty attached to prioritising good health.
With access to professional coaching and support around the clock, patients will feel more empowered to manage their own physical wellbeing.
