Thursday 17 October 2019

KPN appoints old hand as new chief executive after Leroy debacle

Photo: KPN

Dutch telecoms company KPN has named Joost Farwerck as its new chief executive after Monday’s decision to cancel plans to give the job to Belgium’s Dominique Leroy.

She was ditched after the Belgian authorities launched an insider trading investigation into her decision to sell shares in her previous employer Proximus, while she was already in talks with KPN.

The ‘uncertainties’ around the timing are ‘not in the interests of KPN and its stakeholders,’ the company said in a short statement on Monday.

On Tuesday KPN said that Joost Farwerck (54) would take over as the next CEO and chairman, subject to the advice of the works council. Farwerck has worked for the company since the 1990s.

The company also announced that Jan Kees de Jager, a former finance minister, would step down as finance chief next year and will be replaced by Chris Figee, who will move from insurance group ASR.

KPN has lacked boardroom stability since Eelco Blok left 18 months ago. He was replaced by Maximo Ibarra, who left in June and, analysts say, had never settled into the role.

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