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KPN promotes insider to CEO, names new CFO in management revamp

Dutch telecom operator KPN NV named a new CEO and CFO, as well as an expanded management board.

Current KPN COO Joost Farwerck stepped in as CEO and management board chairman. The telco's supervisory board intends to appoint Farwerck for a four-year term, starting Dec. 1.

Farwerck assumed the posts initially given to former Proximus chief Dominique Leroy, whose appointment was cancelled amid a probe by Belgian authorities into her alleged insider trading activities.

KPN has been looking for a CEO since the resignation of Maximo Ibarra, who was named CEO of Sky Italia SRL, a unit of Comcast Corp.'s Sky Ltd.

KPN also named Chris Figee CFO, effective Feb. 1, 2020. The current finance chief of insurance company ASR Nederland NV will replace Jan Kees de Jager, who is stepping down to focus on his "entrepreneurial career." De Jager will remain on the management board until March 1, 2020, and will afterward become company adviser.

In addition, KPN is expanding its management board to include executives holding key business, technology and people-related roles. From Dec. 1, the management board will include Jean-Pascal Van Overbeke, chief of the consumer market segment; Marieke Snoep, chief of the business market segment; Chief Technology and Digital Officer Babak Fouladi; and Chief People Officer Hilde Garssen.

The appointments and management board restructuring are subject to the Central Works Council's advice and will be discussed at a shareholders meeting.