THE CHIEF financial officer of Royal KPN, the biggest telecoms operator in the Netherlands, has resigned with immediate effect after objecting to the group’s new executive structure.
KPN, which is struggling to reverse falling revenues, profits and market share in its fixed-line and mobile businesses, said yesterday that Carla Smits-Nusteling, who became chief financial officer in September 2009, told the supervisory board “that she does not agree with the internal governance of the company in the new executive structure”.
Analyst Jos Versteeg from Theodoor Gilissen said: “The new management structure might compromise some of her executive authorities, handing over more power to the chief executive, which could be the reason for her dissatisfaction.”
Chief executive Eelco Blok has announced cost cuts, new financial objectives and slashed 25 per cent of the workforce. – (Reuters)
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