Telecom group KPN has lost its third chief financial officer in five years with the resignation of Eric Hageman for ‘personal reasons’.

Hageman is stepping down immediately and the company will make an announcement about a replacement as soon as possible. ‘His decision is not related to working relationships or present circumstances at KPN,’ the company statement said.

Commentators said the timing of Hageman’s departure is extremely unfortunate, given the company is the subject of a takeover bid from Mexican telecoms firm América Móvil.

While it is to hoped Hageman is not ill, a little more information would have been appropriate, Jan Maarten Slagter, head of the Dutch shareholders’ association VEB, said.

Hageman is the third CFO to leave the firm since 2009 and the second to go under CEO Eelco Blok.