Philips cuts 4,000 jobs, with more restructuring on the way, amid slipping sales and rising costs

Barely one week into his tenure as president and CEO of Philips, Roy Jakobs is already being put to the test. As the devicemaker reported lower-than-expected third-quarter sales on Monday—confirming numbers that the company had previewed for investors earlier this month—Jakobs outlined his first major hurdle as CEO: leading a restructuring effort that will start by eliminating thousands of jobs around the world.