{"id":10782,"date":"2023-12-05T17:32:29","date_gmt":"2023-12-05T17:32:29","guid":{"rendered":"https:\/\/www.emr-online.com\/signify-signify-announces-new-customer-centric-organization-and-structural-cost-reductions\/"},"modified":"2023-12-05T17:32:29","modified_gmt":"2023-12-05T17:32:29","slug":"signify-signify-announces-new-customer-centric-organization-and-structural-cost-reductions","status":"publish","type":"post","link":"https:\/\/www.emr-online.com\/signify-signify-announces-new-customer-centric-organization-and-structural-cost-reductions\/","title":{"rendered":"Signify &#8211; Signify announces new customer-centric organization and structural cost reductions"},"content":{"rendered":"<p>[vc_row el_class=&#8217;EmrExectiveRowSection&#8217;][vc_column][vc_column_text]<\/p>\n<h4><strong><img decoding=\"async\" loading=\"lazy\" class=\"size-medium wp-image-8350 alignright\" src=\"https:\/\/www.signify.com\/content\/dam\/signify\/master\/homepage\/mastheadcarousel-homepage-new\/street-lighting-smart-thumb.jpg\" alt=\"\" width=\"300\" height=\"169\" \/><\/strong><\/h4>\n<ul>\n<li><strong>New operating model includes four verticalized businesses to enhance customer-centricity and speed of execution<\/strong><\/li>\n<li><strong>Structural measures to reduce non-manufacturing costs, generating expected annualized savings in excess of \u20ac200m<\/strong><\/li>\n<li><strong>Changes to be implemented through 2024<\/strong><\/li>\n<\/ul>\n<p style=\"margin-left:0px\">&nbsp;<\/p>\n<p>Eindhoven, the Netherlands \u2013 <a href=\"https:\/\/www.signify.com\/global\">Signify<\/a> (Euronext: LIGHT), the world leader in lighting, announces it is adapting its organization to enhance customer-centricity, speed of execution and reduce its structural costs.<\/p>\n<blockquote>\n<p>\u201cAfter the major transformation we achieved through the past decade, we are taking the next step by organizing our company around four vertically integrated businesses. Three of these will focus on customers: Professional, OEM and Consumer. The fourth will be dedicated to conventional lighting technologies.<\/p>\n<p>Aligned to the new customer-centric structure, we will further adjust the size of our central organization and reduce our costs to support the company\u2019s performance in the face of ongoing market volatility and uncertainty. Already started in Q4 2023, these changes will be implemented through 2024, with the majority achieved by Q2, and generating expected annualized savings in excess of \u20ac200 million.<\/p>\n<p>Together, these measures will increase focus and accelerate the execution of our strategy, supporting our continued leadership in the transition to energy efficient connected lighting to unlock the extraordinary potential of light for brighter lives and a better world.\u201d<\/p>\n<p>Eric Rondolat<\/p>\n<p>CEO of Signify<\/p>\n<\/blockquote>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Moving forward, Signify will report against four businesses with vertically integrated P&amp;Ls, adapted from the current three divisions as follows:<\/p>\n<ul>\n<li><strong>The Professional business<\/strong> will offer LED lamps, luminaires, connected lighting systems and services to customers in the professional segment.<\/li>\n<li><strong>The Consumer business<\/strong> will offer LED lamps, luminaires, and connected products, including Philips Hue and WiZ, to customers in the consumer segment.<\/li>\n<li><strong>The OEM business<\/strong> will offer lighting components to the industry.<\/li>\n<li><strong>The Conventional business<\/strong> will offer special lighting, digital projection, conventional lamps and lamp electronics.<br \/>&nbsp;<\/li>\n<\/ul>\n<p>The changes will be implemented through 2024, with the majority achieved by Q2, and are subject to proceedings with Signify\u2019s social partners, depending on local legislation.<\/p>\n<p>In the course of Q1 2024, Signify will make comparable financials available for the fiscal year 2023 under the new organizational structure and provide more information on one-off restructuring costs.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Market Abuse Regulation<\/strong><\/p>\n<p>This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.<\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n<h5 class='fntasm-anchor'><span class='sourcetext'>Source<\/span><a href='https:\/\/www.signify.com\/global\/our-company\/news\/press-releases\/2023\/20231201-signify-announces-new-customer-centric-organization-and-structural-cost-reductions' target='_blank' rel=\"noopener\"><span style='float: left'>Signify<\/span>[vc_icon class=&#8217;fntasm&#8217; icon_fontawesome=&#8217;fas fa-external-link-alt&#8217;]<\/a><\/h5>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_empty_space][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text el_class=&#8217;bg_wt_rc&#8217;]<\/p>\n<h4><strong>EMR Analysis<\/strong><\/h4>\n<p><strong>More information on Signify:<\/strong> <a href=\"https:\/\/new.emr-online.com\/auth\/login\">See the full profile on EMR Executive Services<\/a><\/p>\n<p><strong>More information on Eric Rondolat (Chief Executive Officer, Signify):<\/strong> <a href=\"https:\/\/new.emr-online.com\/auth\/login\">See the full profile on EMR Executive Services<\/a><\/p>\n<p><strong>More information on Javier van Engelen (Member of the Board of Management, Chief Financial Officer, Signify):<\/strong> <a href=\"https:\/\/new.emr-online.com\/auth\/login\">See the full profile on EMR Executive Services<\/a><\/p>\n<p><strong>More information on Maria Letizia Mariani (Member of the Board of Management, Chief Commercial Officer, Signify + Independent Non-Executive Director Lead Independent Director, Prysmian Group):<\/strong> <a href=\"https:\/\/new.emr-online.com\/auth\/login\">See the full profile on EMR Executive Services<\/a><\/p>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row el_class=&#8217;EmrExectiveRowSection&#8217;][vc_column][vc_column_text] New operating model includes four verticalized businesses to enhance customer-centricity and speed of execution Structural measures to reduce non-manufacturing costs, generating expected annualized savings in [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":8917,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[71],"tags":[],"acf":{"select_date":"20231201"},"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Signify - Signify announces new customer-centric organization and structural cost reductions - EMR Online AG<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.emr-online.com\/signify-signify-announces-new-customer-centric-organization-and-structural-cost-reductions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Signify - Signify announces new customer-centric organization and structural cost reductions - EMR Online AG\" \/>\n<meta property=\"og:description\" content=\"[vc_row el_class=&#8217;EmrExectiveRowSection&#8217;][vc_column][vc_column_text] New operating model includes four verticalized businesses to enhance customer-centricity and speed of execution Structural measures to reduce non-manufacturing costs, generating expected annualized savings in [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.emr-online.com\/signify-signify-announces-new-customer-centric-organization-and-structural-cost-reductions\/\" \/>\n<meta property=\"og:site_name\" content=\"EMR Online AG\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-05T17:32:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.emr-online.com\/wp-content\/uploads\/2023\/05\/Signify.png\" \/>\n\t<meta property=\"og:image:width\" content=\"470\" \/>\n\t<meta property=\"og:image:height\" content=\"264\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"usman waheed\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"usman waheed\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.emr-online.com\/signify-signify-announces-new-customer-centric-organization-and-structural-cost-reductions\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.emr-online.com\/signify-signify-announces-new-customer-centric-organization-and-structural-cost-reductions\/\"},\"author\":{\"name\":\"usman waheed\",\"@id\":\"https:\/\/www.emr-online.com\/#\/schema\/person\/c06c27e5e2eacdf982266b7dd308ffd8\"},\"headline\":\"Signify &#8211; 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