KPN CFO steps down

Dutch operator group KPN’s chief financial officer Eric Hageman has stepped down from his role, citing personal circumstances. His resignation comes as Latin American group America Movil attempts a full takeover of KPN; a deal that has met with a number of challenges.

KPN said that the departure of Hageman, who is also a member of KPN’s Board of Management, is “not related to working relationships or present circumstances at KPN”, but he is leaving the firm immediately.

The news follows KPN’s announcement that it has created a group CTO role, which has been filled by KPN’s former head of Strategy, Innovation & Technology Erik Hoving.

The firm’s management reshuffle coincides with a bid from America Movil to engineer the purchase of all remaining shares in KPN, which it already holds a near-30 per cent stake in. The takeover hit a hurdle late August after the independent KPN foundation exercised an option to buy shares that gave it almost 50 per cent of the voting rights in the telco.

The Foundation said in a statement that it planned to retain these shares only temporarily but that it had made the move to protect the interests of a range of KPN stakeholders in the face of what it perceived to be a hostile takeover bid from the Mexican operator.

The Foundation said that it wanted América Móvil to open negotiations with KPN’s board to pursue an acquisition strategy more “in accordance with the rules and what is common practice in the Netherlands”. Móvil suggested that it could abandon the deal altogether.

Hageman became interim CFO in January 2012 and was given the full role, as well as a seat on the Board, in September 2012. KPN added that it will make a further announcement regarding the CFO role as soon as possible.

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