At the beginning of this century, Philips’ headquarters moved from Eindhoven to Amsterdam, a painful moment for many Eindhoven residents. However, Amsterdam was not the initial choice. Thanks to our partner Studio040, Eindhoven News will publish a triptych about Philips’s decline in the coming days.
London
When the top brass of Philips decided to move out of Eindhoven, London was the destination in mind. However, other foreign destinations were also discussed. The Philips summit, which the recently deceased Cor Boonstra led in the move to Amsterdam, did not want to stay in the Netherlands.
Financial center
Philips management, led by Boonstra, reportedly wanted to find more connections with the financial markets. In that respect, London was more appealing as an economic centre than Amsterdam.
But the ambition to move was far from felt by all sections within the company. Among others, the Philips Supervisory Board (RvC) tried to prevent a move abroad.
President Boonstra was firmly in his seat because Philips achieved good business results under him. That was while the company was still about to collapse in the early 90s, and his decision to move was made.
Compromise
To prevent a complete departure from the Netherlands, a compromise was reached between Philips’s Board of Directors and management. The company was to move to Amsterdam, and that’s what happened in 1998.
By the way, that was not the last move. The Philips headquarters moved again a few years ago but remained in Amsterdam.
For Eindhovrn News: Beena Arunraj
