KPN’s America Movil appointed board member departs

30 November 2015 |

A member of KPN’s supervisory board appointed by America Movil has resigned with immediate effect.

The news that America Movil chief operating officer Oscar von Hauske Solis is stepping down comes as America Movil announced its plans to sell its 24.83% stake in KPN. No replacement has been made. 

"AMX has informed KPN that, related to the reclassification of its investment in KPN as asset available for sale, it will limit representation in the supervisory board to one member," said the company. 

America Movil CFO Carlos García Moreno Elizondo will remain a member of the supervisory board. 

In May 2015 America Movil reclassified its investment in KPN from a long-term investment to one that was available for sale. In addition it has placed a €3 billion bond exchangeable into KPN shares with 5 year maturity. After which, it can settle in cash and deliver the underlying KPN shares, or a combination of both.