KPN Finance Chief Hageman Steps Down Amid America Movil BidMartijn van der Starre
Royal KPN NV, the Dutch phone carrier that’s the subject of a takeover proposal by America Movil SAB, said Chief Financial Officer Eric Hageman is stepping down after a year and a half.
KPN will make a further announcement regarding the CFO role as soon as possible, The Hague-based company said in a statement today. The telecommunications company said his decision, effective immediately, was for personal reasons and isn’t related to KPN’s “present circumstances.”
America Movil may plan to appoint its own management at KPN as the Mexico City-based company bids for a controlling stake in the Dutch carrier, according to Javier Borrachero, a Madrid-based analyst at Kepler Capital Markets. KPN’s independent foundation used an option last month to impede what it described as a hostile takeover.
“The resignation of a top executive may always introduce some uncertainty,” Borrachero wrote in a note to investors. He has a hold recommendation on KPN. “This time, it should have minimal impact in the share price as M&A is the main driver.”
KPN dropped 0.3 percent to 2.17 euros as of 9:56 a.m. local time. That values the company at 9.25 billion euros ($12.2 billion).
Hageman, 43, was named interim CFO in January 2012 and got the post and a seat on the management board in September 2012. He helped organize this year’s capital increase and the intended sale of German wireless unit E-Plus to Spain’s Telefonica SA, KPN said.
Hageman held various management positions with ABN Amro Holding NV and Deutsche Bank AG prior to joining KPN in 2005, according to KPN’s website.