KPN N.V., the biggest provider of telecom and IT services in the Netherlands, on Tuesday announced that its chief financial officer would leave the company on April 1, because she disagrees with its new corporate governance.
"Mrs. [Carla] Smits-Nusteling has informed the Supervisory Board that she has ultimately come to the conclusion that she does not agree with the internal governance of the company in the new executive structure," KPN revealed.
Effective Jan. 1, KPN has implemented a new executive structure that the company said will allow for "a more direct control of the operational activities." The main change to KPN's governance structure is the establishment of an "executive committee" of 12 managers to oversee operations, The Associated Press reported.
The telecommunications provider said two individuals will split the CFO duties while the company looks for a permanent replacement. Eric Hagemen, who currently serves as CEO of KPN Group Belgium, has been named interim CFO and assumes responsibilities for investor relations, M&A, fiscal affairs and treasury. Steven van Schilfgaarde, who currently serves as CEO of Corporate Market NL, also has named interim CFO. He assumes the duties for control and reporting, accounting and security.
"Both interim CFO's will take on their respective roles within the Board of Management with immediate effect," the company said.