Cor Boonstra, the former CEO of Philips and once regarded as one of the Netherlands’ most influential business leaders, died overnight Friday into Saturday at the age of 87, his family confirmed to ANP. He passed away in his hometown of Amsterdam.

Boonstra led the Dutch electronics giant Philips from 1996 until 2001, overseeing a turbulent but financially impactful period in the company’s history. Upon taking the helm, Boonstra implemented sweeping reforms aimed at reversing poor performance, including major restructuring and cost-cutting measures.

Shortly after his appointment, Boonstra initiated large-scale cuts and divested loss-making divisions. At the same time, Philips—then still a major player in consumer electronics—intensified its marketing efforts for products such as televisions. These strategies helped drive a substantial increase in the company’s stock market valuation, earning widespread praise from investors.

Boonstra’s reputation as a decisive and effective executive earned him repeated recognition from the business publication Management Team, which named him the best executive in the Netherlands multiple times.

His corporate leadership career began after finishing secondary school (HBS), when he joined Unilever as a young employee. He went on to hold senior executive roles at various major companies, including the Zuivel Handel Maatschappij, which later became part of SRV, and consumer goods giant Sara Lee, before arriving at Philips.

Despite his acclaim, Boonstra’s public image suffered a blow in the early 2000s when he faced allegations of insider trading. The case centered on a stock purchase he made in the entertainment company Endemol, shortly before a takeover bid by the Spanish firm Telefónica. Although Boonstra was acquitted of the insider trading charges, he received a 135,000 euros fine for failing to report stock and bond transactions involving the supermarket company Ahold, while serving as a supervisory board member.

A native of Friesland, Boonstra was known for his ruthless management style, including his willingness to dismiss high-level executives without hesitation. However, he also spoke candidly about the toll his public role had on his personal life. A particularly traumatic episode occurred in 1998, when his wife, Hansje Boonstra, was kidnapped in Belgium and later found in the Netherlands with serious injuries.