|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||2.9160 - 2.9440|
|52 Week Range||2.2690 - 2.9670|
|Beta (3Y Monthly)||0.56|
|PE Ratio (TTM)||54.31|
|Forward Dividend & Yield||0.12 (4.15%)|
|1y Target Est||N/A|
(Bloomberg) -- When Royal KPN NV picked Italian-Colombian Maximo Ibarra as its first non-Dutch chief executive officer, some investors saw it as a precursor to foreign expansion. Two years on, the phone company’s experiment with international leadership has come unstuck after Ibarra quit early and its top pick to replace him -- Belgian executive Dominique Leroy -- became embroiled in a share-dealing probe. A day after dropping her, KPN named Chief Operating Officer Joost Farwerck, a Dutch company veteran, to the top job.Farwerck looks like the safe option for KPN’s Supervisory Board Chairman Duco Sickinghe, and suggests any foreign growth ambitions the company may have entertained are over for now.Ibarra came with a track record of integrating large companies and had ambitions to put KPN back on the acquisition trail to give it the kind of scale enjoyed by other former national telecom monopolies. That didn’t happen and he quit in June to lead Comcast Corp.’s Sky Italia.Sickinghe then turned to Leroy, the CEO of Belgian carrier Proximus SADP and the most senior woman in European telecommunications, to replace Ibarra. He backtracked on Monday following media reports that police had conducted searches of her home in relation to an investigation over possible insider trading. Leroy said the timing of her departure for KPN had nothing to do with her decision to sell the stock of her former employer.Speaking to reporters on Tuesday, Sickinghe said the company had faced “unexpected challenges” in its CEO search. Leroy, who has already left Proximus, will receive compensation for certain expenses and time she invested in KPN since she was picked for the job, a KPN spokeswoman said.KPN shares were down 1% as of 9:59 a.m. in Amsterdam.Farwerck has been with KPN since 1994 and has relatively little international experience. The 54-year-old will have to continue cutting costs and find fresh revenue streams since consolidation in the industry hasn’t been enough to ease competitive pressures in KPN’s home market.Chris Figee, who is currently chief financial officer at Dutch insurer ASR Nederland NV, will replace Jan Kees de Jager as CFO in February, the company said Tuesday.(Updates with share price in seventh paragraph.)To contact the reporters on this story: Joost Akkermans in Amsterdam at email@example.com;Thomas Mulier in Geneva at firstname.lastname@example.orgTo contact the editors responsible for this story: Thomas Pfeiffer at email@example.com, Jennifer RyanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Top Dutch telecoms company KPN NV on Tuesday named insider Joost Farwerck as its new chief executive officer and announced a wider management revamp, a day after it dropped a previous CEO candidate amid an insider trading investigation. KPN has been looking for a new CEO since June when Maximo Ibarra quit after just over a year in the job to lead Sky Italia. On Monday, it dropped its plan to name Belgian executive Dominique Leroy to the job, after she became embroiled in an insider trading investigation in Belgium.
(Bloomberg) -- Royal KPN NV reversed a decision to hire Dominique Leroy, the former head of Belgian phone carrier Proximus SADP, as chief executive officer following reports of an investigation into her sales of shares at her old employer.KPN said Sept. 5 that Leroy would leave the top job at Proximus to join the company as CEO at the start of December. Local media later reported that police conducted searches of Leroy’s home in relation to an investigation over possible insider trading. Since she stepped down from the top job at Proximus on Sept. 20, the most senior woman in European telecommunications now has no company to run.Her troubles also represent a conundrum for KPN and Proximus, which are both under pressure to find new CEOs to guide them through intense competition in their respective markets. KPN’s leadership vacuum is yet another blow to Supervisory Board Chairman Duco Sickinghe, after current CEO Maximo Ibarra quit to lead Comcast Corp.’s Sky Italia.“This was a difficult decision for the Supervisory Board given the track record of Mrs. Dominique Leroy as a very accomplished executive,” Sickinghe said in the statement. “However, the uncertainty around timing results in a situation, which the supervisory board considers not in the interest of KPN.”KPN said it’s unclear how long Belgian authorities will need to conduct their procedures. KPN shares were down 1% at 12:09 p.m. in Amsterdam.Leroy StatementA spokesman at Proximus wasn’t able immediately to provide contact details for Leroy. A Sept. 8 statement by her explained the timing of her sale of Proximus shares on Aug. 1.That day was the first on which new transactions were possible following a closed period that started Nov. 22, according to the statement. She’d instructed the bank the end of July to sell shares on that day, and at that time she’d been in discussion with Proximus about renewing her contract and other parties, including KPN, though she had not yet decided to leave her employer.“I understand that with hindsight the timing can create the perception that I did this exactly prior and because of my departure. This is surely not the reason for my sale of shares,” she said in the statement. “I regret that this perception has been created, this is not in line with my values where integrity and transparency are very high.”Joost Farwerck, chief operating officer, will serve temporarily as chairman of the management board and executive committee, KPN said Monday.Ibarra had held ambitions to put KPN on the acquisition trail, but when this didn’t happen he turned his focus to cutting jobs and streamlining the company’s IT systems.Any new leader would have to continue cutting costs and find fresh revenue streams since consolidation in the industry hasn’t been enough to ease competitive pressures in the Dutch market. The company has been dealing with the migration of customers to different pricing structures, which has exacerbated sales weakness in some business units.KPN’s decision to cancel Leroy’s hiring “prolongs management uncertainty that’s not helpful at a time when KPN is executing its brand consolidation strategy and competitors are improving their performances,” Erhan Gurses, an analyst at Bloomberg Intelligence, said in a note. “It deprives the Dutch incumbent of a leader with a proven track record built in a culturally and operationally similar environment.”(Adds Sept. 8 statement from Leroy in sixth-eighth paragraphs. Updates shares.)\--With assistance from Thomas Mulier.To contact the reporters on this story: Thomas Seal in London at firstname.lastname@example.org;Stefan Nicola in Berlin at email@example.comTo contact the editors responsible for this story: Thomas Pfeiffer at firstname.lastname@example.org, Jennifer RyanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Dutch telecoms firm KPN ditched plans to name Belgian executive Dominique Leroy as its new CEO because she is under investigation for selling shares in her previous company, Proximus , while she was in talks to take the KPN job. Leroy, who was to have begun work on Dec. 1, denies any wrongdoing. Monday's announcement throws KPN's CEO hunt to fill the vacancy left by Maximo Ibarra back into uncertainty.
AMSTERDAM/BRUSSELS (Reuters) - Belgian police searched the home and office of Dominique Leroy, the incoming chief executive of Dutch telecom firm KPN, to investigate her sale of shares in Proximus, the company she is leaving. Leroy told Belga news agency police searched her home and office over the August share sale, completed about a month before her new job was announced. The Sept. 5 announcement that KPN had hired her from Proximus, which she led since 2014, was cheered by investors and pushed up the Dutch firm's share price.
(Bloomberg Opinion) -- The Washington, D.C., area is already rich and overcrowded, and with the arrival of Amazon.com Inc.’s second headquarters it’s about to get thousands more high-paying jobs. Lots of other metropolitan areas, especially in the middle of the country, are less rich and less crowded. So why not move some good government jobs out of Washington?Cult Democratic presidential candidate Andrew Yang is all for it. From his campaign website: “Federal agencies that aren’t directly tied to general government activities (e.g., the NIH) should be relocated to different areas throughout the country to provide a boost to local economies and tie the rest of the country to the federal government.” Vox.com’s Matthew Yglesias made the same argument in a much-discussed 2016 opinion piece that clearly inspired Yang, given that both recommend that the first agency to move should be the National Institutes of Health, to Cleveland.It’s not just people whose names begin with Y that think this might be a good idea. Moving federal agencies out of Washington has been endorsed by renowned urbanist Richard Florida, proposed in legislation by conservative Ohio Congressman Warren Davidson, and to some extent put into effect in past decades by the late West Virginia Senator Robert Byrd.So why is the U.S. Department of Agriculture getting so much blowback over the decision to move its Economic Research Service and National Institute of Food and Agriculture from Washington to Kansas City? (The Interior Department’s Bureau of Land Management is also moving its headquarters to Colorado, but that involves fewer jobs and has occasioned less protest.)Clearly, some of it has to do with the way the Trump administration has handled things. For example:Employees were given only 30 days to decide whether to move or lose their jobs, with the USDA reversing earlier commitments to give them several months. The USDA claimed that the move would save $300 million over 15 years, but an independent analysis concluded that it would actually increase costs by $83 million to $182 million over that period. The USDA’s inspector general has cautioned that the relocation may be illegal without Congressional approval. White House Office of Management and Budget Director and Acting Chief of Staff Mick Mulvaney has crowed that the real goal of the move was to spur people to quit and thus “streamline government.”Even the best-intended, best-planned agency move would occasion lots of grumbling, though. In the Netherlands, where the government decided in the 1960s that spreading government agencies around the country would be a good way to combat (1) housing shortages in and around The Hague and (2) joblessness in the country’s eastern regions, the process took decades and was accompanied by much protest and backpedaling. The highest-profile move of all, that of the postal and telecom service to Groningen in the country’s northeastern corner, ended up being largely reversed after the agency was privatized (PostNL NV is now headquartered in The Hague and Koninklijke KPN NV, the telco, is in nearby Rotterdam). All this in a country where the spread-the-government plan had the support of all major political parties, and no city is more than three hours by train from The Hague.On the face of it, moving the USDA agencies to Kansas City seems like a good match. The ERS gathers data and publishes reports on crops and other agriculture-related topics, and the National Institute of Agriculture makes research grants. Kansas City is a big, vibrant metropolitan area with lots of well-educated people that’s close to major farming regions and land-grant universities with good agricultural-science departments. It also has a median house price of $227,000, according to the National Association of Realtors, compared with $456,500 for the D.C. area. There are surely lots of talented agricultural economists and grant-making experts who would not find living in Kansas City to be an unbearable hardship. Their spouses and partners do have more good jobs to choose from in the D.C. area, which is one of the factors that has helped concentrate good jobs in a limited number of metropolitan areas in recent decades, but a broad, coordinated government effort to bring more agencies there might help with that.What we’re witnessing now is not a broad, coordinated effort. It’s another slapdash move by an administration that has made bumbling bad faith a trademark. Spreading more government agencies around the country is a policy that could attract bipartisan support and lots of expert assistance. Those are two things that Donald Trump isn’t interested in or capable of attracting, but maybe somebody else could make it work. Your move, President Yang.To contact the author of this story: Justin Fox at email@example.comTo contact the editor responsible for this story: Sarah Green Carmichael at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Justin Fox is a Bloomberg Opinion columnist covering business. He was the editorial director of Harvard Business Review and wrote for Time, Fortune and American Banker. He is the author of “The Myth of the Rational Market.”For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
KPN reported a 3.6% gain in core profits for the second quarter, despite suffering a major network outage that was followed by news that Chief Executive Officer Maximo Ibarra would be leaving the Dutch telecoms firm in September. The Dutch telecoms market leader suffered a four-hour network outage that knocked out emergency service lines on June 24.
The Dutch government launched an inquiry on Tuesday into a nationwide network outage at telecoms company KPN that knocked out emergency service numbers for nearly four hours, with the company pointing the finger at a software error. Monday's network problem, which rendered national police, ambulance and fire department emergency numbers unreachable, did not appear to be the result of a security breach, KPN said. Justice Minister Ferd Grapperhaus told Dutch lawmakers that during the outage three KPN backup systems had failed, and the government had moved to an "analog" play-book crafted for situations in which digital services failed.
The Dutch government launched an inquiry on Tuesday into a nationwide network outage at telecoms company KPN that knocked out emergency service numbers for nearly four hours, with the company pointing the finger at a software error. Monday's network problem, which rendered national police, ambulance and fire department emergency numbers unreachable, did not appear to be the result of a security breach, KPN said.
The Dutch were given a frightening lesson about society's reliance on technology. A major telecommunications outage knocked Netherland's version of 911 offline for a few hours on Monday, reported Reuters . The outage originated on Royal KPN's network and impacted both landlines and mobile phones. It's unclear what caused the event, though KPN has ruled out a security breach. The network went offline at around 3:45 pm in the Netherlands, and was restored roughly four hours later. Public officials immediately flocked to social media to warn Dutch residents of the outage. In case an emergency hit, people were instructed to go to the nearest hospital or fire station directly rather than call a dispatch operator. Temporary mobile phone numbers were soon given out for emergency services. Police could even be reached by email or Whatsapp. Other emergency services in the country asked residents to reach out to them on Twitter or Facebook.
A nationwide telecommunications outage in the Netherlands knocked police and emergency numbers offline for roughly four hours on Monday before national carrier Royal KPN NV said service was restored. "We have no reason to think it was (a hack) and we monitor our systems 24/7", a KPN spokeswoman said. Anna Posthumus, a spokeswoman at the National Coordinator for Security and Counter-Terrorism, said it is "too early to say" whether there may have been a cyber attack.
U.S. Ambassador Pete Hoekstra said on Wednesday the Dutch government should ban Huawei outright from supplying equipment for a new 5G mobile telecommunications network in the Netherlands if it wants to prevent spying by the Chinese state. Leaders in the Netherlands have not yet taken a position on using Huawei technology ahead of a 5G network auction process due to begin in coming months. Hoekstra made his comments as U.S. Secretary of State Mike Pompeo finished a tour of Western European countries, including Germany and Britain, which have also resisted U.S. calls for an ban after Washington blacklisted Huawei.
Chinese telecoms equipment maker Huawei has a hidden "backdoor" on the network of a major Dutch telecoms firm, making it possible to access customer data, newspaper De Volkskrant said on Thursday, citing unidentified intelligence sources. The newspaper said Dutch intelligence agency AIVD was looking into whether the situation had enabled spying by the Chinese government. In a statement, Huawei said it was "surprised" by the Volkskrant report and that it would not respond to its core allegations because they came from anonymous sources.
Dutch telecom firm Royal KPN NV said on Friday it would select a Western supplier to build its core 5G mobile network, making it one of the first European operators to make clear it would not pick China's Huawei for such work. The United States has been seeking to discourage its allies from using equipment made by Huawei because of concerns that it could be used for spying by the Chinese government. Huawei says such worries are baseless and U.S. policy is driven by economic interests.
AMSTERDAM (Reuters) - Dutch telecom company KPN will strip out equipment made by China's Huawei from its existing core mobile telecommunications network at the same time as it upgrades to 5G technology, ...