KPN Appoints Interim CFO Eric Hageman As CFO

KPN Q1 Profit Falls; Suspends Dividends For FY13, FY14

Trade KPN now with

7/3/2012 4:46 AM ET

Dutch telecommunications operator Royal KPN N.V. (KKPNY.PK, KKPNF.PK) on Tuesday announced its intention to appoint Eric Hageman as the company's Chief Financial Officer. Hageman, 42, has been acting as full time interim CFO since January, following the resignation of then CFO Carla Smits-Nusteling after KPN decided to expand its executive management board.

KPN, of which Mexican peer America Movil S.A.B. De C.V. (AMX: Quote, AMOV) owns 27.7 percent, said its Supervisory Board will inform shareholders on the appointment at an Extraordinary General Meeting of Shareholders to be held in September.

Hageman will continue his role of interim CFO until he takes on his position as CFO at the EGM. Steven van Schilfgaarde, CEO Corporate Market NL, who has been acting next to Hageman as part-time interim CFO since January, will also continue this role until the EGM.

Chairman of the Supervisory Board Jos Streppel said, "We have conducted a comprehensive review of both internal and external candidates and found the best person for the job. Eric brings substantial financial markets experience to the Board and continuity in our financial policy."

Hageman joined KPN in 2005 and most recently held the position of CEO KPN Group Belgium. Previously, he worked for nearly a decade as a corporate financier in London, where he advised companies in the Telecoms, Media and Technology sectors.

KPN, which has been reporting plunging profits amid difficult market conditions, added that the terms and conditions of Hageman's employment contract fit within its remuneration policy, as approved by the General Meeting of Shareholders.

According to the company, Hageman will earn a base salary of 575,000 euros per year and also is eligible for a short term variable cash incentive and a long term variable incentive - both related to the performance of KPN.

In Amsterdam, KPN shares are currently trading at 7.30 euros, down 0.14 euros or 1.88 percent.

To receive FREE breaking news email alerts for Koninklijke KPN NV and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

More Breaking News

<<Previous 80 Articles

Editors Pick

Stocks Move Higher On Comments From Fed Officials - U.S. Commentary

Stocks have moved mostly higher over the course of the trading day on Tuesday after showing a lack of direction earlier in the session. The major averages have climbed more firmly into positive territory, offsetting the modest losses posted in the previous session. The major averages have moved roughly sideways in recent trading, hovering near their new highs for the session.

Stocks Turning In Another Lackluster Performance - U.S. Commentary

Stocks have shown a lack of direction over the course of the trading day on Tuesday after failing to sustain an early upward move. The choppy trading extends the lackluster performance that was seen throughout the previous session. The major averages are currently posting modest gains but have pulled back off their highs for the session.

Obama's Approval Rating Holding Steady Despite Scandals

While a recent series of scandals have caused headaches for the White House, the results of a Washington Post-ABC News poll released Tuesday suggest that the news has not had an impact on President Barack Obama's approval rating. The poll showed that 51 percent of Americans approve of the way Obama is handling his job as president compared to 44 percent that disapprove.