The duration of the procedures which concern Leroy by the authorities in Belgium is unclear and unpredictable. The Supervisory Board of KPN considers these uncertainties around timing not in the interest of KPN and its stakeholders. For this reason, the Supervisory Board has taken the decision to withdraw the intended appointment of Leroy in the position of CEO of KPN.
The move follows an investigation by the public prosecutor in Brussels into suspected insider trading by Leroy.
Chairman of KPN’s Supervisory Board Duco Sickinghe: “This was a difficult decision for the Supervisory Board given the track record of Dominique Leroy as a very accomplished executive. However, the uncertainty around timing results in a situation, which the Supervisory Board considers not in the interest of KPN. We wish her all the best.”
As a consequence, the Extraordinary General Meeting of Shareholders – scheduled for Monday 28 October 2019 – will not take place.
As announced on 5 September 2019, Joost Farwerck will temporarily assume the position of Chairman of the Board of Management and Executive Committee.
The Supervisory Board is fully focused on the situation and expects to be able to make a further announcement at short notice.