KPN CFO resigns following América Movil takeover bid

09 September 2013 | Kavit Majithia


Dutch telco KPN has announced that its CFO, Eric Hageman, has resigned, effective immediately.

KPN’s long-term future is in doubt, after Carlos Slim’s América Movil launched a takeover bid for the company last month, and Hageman’s sudden departure adds to the level of uncertainty within the company.

KPN claim Hageman’s departure was unrelated to Slim’s takeover effort, but reports suggest the resignation of a board member will surely add to rumours that the company’s management is resistant to the takeover bid, fuelling investor concerns.

An independent foundation was recently set up to protect KPN’s interests and in turn block Slim’s bid, regarding the takeover as hostile.

América Movil has since claimed it approached KPN management before launching the offer.

KPN has offered no further reason for Hageman’s exit and said it had no immediate plans to find a successor.

Hageman succeeded Carla Smits-Nusteling as CFO, who left in April 2012 due to disagreements with the board over management structure.