Royal Philips NV released a grim annual report for 2022 that showed a little willingness to share the pain of an unabashedly awful year for the health tech company, which has been plagued by a recall fiasco that has bled into multiple years. Shareholders lost much of their investment with the company’s more than 60% drop in market value in 2022, 10,000 employees faced job loss and all current members of top management waived their annual incentive payouts. Notably, former CEO Frans van Houten, who was replaced in October and oversaw the ill-fated recall, did not waive his bonus of $208,370.