KPN confirms search for new CEO

NEWS Troubled Dutch telco KPN has admitted it is to appoint a new chief executive today with the current CEO Paul Smits having failed to address the firm's large debt burden. The company said it is in advanced talks with potential replacements for Smits, and will be able to make an announcement before the close of markets today. It declined to give further details. The admission follows a weekend of speculation about the future of Smits, who has built up a £22.8bn debt mountain. The new CEO is thought to be from outside the company. Last month a planned merger with Belgian incumbent Belgacom collapsed with the two sides unable to agree a price. A sudden fall in its share price also made a rights issue infeasible.