According to sources close to both companies, Mr Scheepbouwer will replace Paul Smits, who is to resign after failing to ease the company’s EUR22.8bn ($20.7bn) debt cloud.
Investors welcomed the news. At the open of trade in Amsterdam shares in the Dutch telco rose 11% to EUR2.65 before settling back to trade about 6% higher.
Under Mr Smits’ stewardship the company’s shares have lost 87% this year to less than EUR3, against a high of EUR71.67 last year. Furthermore, KPN has amassed huge debts, buying a German mobile business and securing European 3G mobile licences.
Mr Scheepbouwer is no stranger to KPN. He was president of PTT Post, for a year to June 1998 when the Dutch postal service was part of KPN. He is now also a member of KPN’s supervisory board.
