KPN share sale raises questions

17 Sep 2004

Dutch telco KPN has rejected criticism of its chief executive over a recent share sale. Ad Scheepbouwer exercised an options package on Monday, calling 1.57 million share options at EUR3.99 each, but then went on to sell them later that day at EUR6.30, bringing him a profit of EUR3.6 million. Financial analysts in the Netherlands have questioned Mr Scheepbouwer’s commitment to the telco, but KPN has responded by saying the CEO is contracted to the company until 2006.

Netherlands, KPN