LONDON â€" Royal KPN, the Dutch telecommunications company, said on Monday that its chief financial officer had resigned but that the move was not related to a takeover attempt by América Móvil.
Eric Hageman, who became chief financial officer in January 2012, resigned effective immediately because of personal circumstances, KPN said in a statement.
Mr. Hageman “has informed the supervisory board of his resignation due to personal circumstances,†the company said. “His decision is not related to working relationships or present circumstances at KPN.â€
The resignation comes as a proposed $9.5 billion takeover by the Latin American telecommunications giant controlled by Carlos Slim Helú has run into some opposition from a Dutch foundation that has the right to block takeovers if it thinks they are not in the best interests of the company. The foundation said it opposed the offer because América Móvil had not informed KPN about its plans before making its approach. América Móvil has threatened to walk away from its proposal.
“The timing of the resignation isn’t great,†Sander van Oort, an analyst at Kempen & Company in Amsterdam, said. “He plays a crucial role in the negotiations and how to make this a successful transaction.†He added that “there might also be more internal focus now†until a successor is found.
Some analysts said Mr. Hageman’s departure came as a surprise but that América Móvil would probably install its own senior management at the company if the acquisition is successful. América Móvil views KPN as a way to gain a foothold in the European market and had built up a 30 percent stake in the company before making its 7.2 billion euro offer.
Mr. Hageman has a solid reputation as finance chief among analysts and investors, Mr. van Oort said. He helped with a 4 billion euro capital increase this year after the company swung to a loss in the fourth quarter. KPN’s financial troubles were attributed in part to bowing to shareholder pressure with generous dividends and share buybacks that exceeded those of rivals, including Deutsche Telekom.
KPN said Mr. Hageman also made an “important contribution†to the sale of E-Plus, a German wireless unit, to Telefónica of Spain in an $11 billion transaction this summer.
Mr. Hageman became interim finance chief at KPN in January 2012 after the surprise departure of Carla Smits-Nusteling. Ms. Smits-Nusteling resigned after KPN introduced a new governing structure that called for closer supervision of unit chiefs. Mr. Hageman, who was previously KPN’s head for Belgium, was named the permanent finance chief in September 2012.
